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Anavex Life Sciences (NASDAQ: AVXL) delays 10-Q after CEO termination

Filing Impact
(High)
Filing Sentiment
(Negative)
Form Type
NT 10-Q

Rhea-AI Filing Summary

Anavex Life Sciences Corp. notified the SEC that it cannot timely file its Quarterly Report on Form 10-Q for the period ended March 31, 2026 by the prescribed May 11, 2026 due date. The delay is due to an independent Special Committee review after the termination of the prior CEO on April 30, 2026, and the appointment of an Interim CEO on May 4, 2026. The Company says the Special Committee and management are working to complete their review so the Form 10-Q can be filed.

Positive

  • None.

Negative

  • None.

Insights

Delay tied to CEO termination and Special Committee review; governance scrutiny is active.

The filing states that the former CEO was terminated on April 30, 2026 and an independent Special Committee is reviewing related matters. That review is cited as the reason the Form 10-Q cannot be completed and certified by management.

The timing and scope of the review will determine when the company can file; subsequent disclosures and the committee's conclusions will be the primary items to watch in future filings.

Accounting review and sign-off by new interim CEO are being prioritized before filing.

The notice explains that the Interim CEO appointed on May 4, 2026 needs time to review the Form 10-Q prior to certification. The company references Rule 12b-25 procedures for a short extension.

Completion depends on internal review outcomes; investors should follow subsequent periodic reports for timing and any material adjustments.

Quarter ended March 31, 2026 period covered by the delayed Form 10-Q
Form 10-Q due date May 11, 2026 prescribed filing due date referenced in the notice
CEO termination date April 30, 2026 date the Special Committee terminated prior CEO
Interim CEO appointment May 4, 2026 date Dr. Terrie Kellmeyer was appointed Interim CEO
Contact telephone (844) 689-3939 contact listed in Part IV for the notification
Rule 12b-25 regulatory
"Form 12b-25 notification and Part II describing relief for late filings"
Rule 12b-25 is an SEC filing provision that lets a company notify regulators and the public that it cannot file a required periodic report (like a quarterly or annual report) on time and explains the reason for the delay. For investors, the notice is a formal heads-up that financial information will arrive late—similar to a company calling to say it will be late turning in homework—so it signals increased uncertainty and may affect trading and risk assessments until the filing is available.
Special Committee governance
"independent directors formed a Special Committee to review matters related to termination"
A special committee is a group of people chosen by an organization to carefully examine a specific issue or problem, often when a decision could have significant consequences. Think of it as a task force brought together to investigate and recommend actions, ensuring that important matters are handled thoroughly and fairly. For investors, this means decisions are made with careful oversight, which can impact the organization's stability and future direction.
certification financial
"Interim CEO must review the Form 10-Q prior to its certification and filing"
A certification is an official approval or documented statement from a recognized authority that a product, process, person, or company meets specific standards or rules. For investors, certifications act like third-party report cards — they reduce uncertainty about quality, safety, compliance or competence, which can affect a company’s legal risk, market access, customer trust and ultimately its revenue and valuation.

 

   

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 12b-25

 

NOTIFICATION OF LATE FILING

 

(Check one): Form 10-K Form 20-F Form 11-K Form 10-Q Form 10-D
  Form N-SAR Form N-CSR      
  For Period Ended: March 31, 2026
  Transition Report on Form 10-K  
  Transition Report on Form 20-F  
  Transition Report on Form 11-K  
  Transition Report on Form 10-Q  
  Transition Report on Form N-SAR  
  For the Transition Period Ended:

  

Read Instruction (on back page) Before Preparing Form. Please Print or Type.

Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.

 

If notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:

_______________________________________________________________________________________________

 

PART 1 – REGISTRANT INFORMATION

 

Anavex Life Sciences Corp.
Full Name of Registrant
 
N/A
Former Name if Applicable
 
630 5th Avenue, 20th Floor
Address of Principal Executive Office (Street and Number)
 
New York, NY 10111
City, State and Zip Code

 

 

 

PART II – RULES 12b-25(b) AND (c)

 

If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)

 

(a) The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense
(b) The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and
(c) The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.

 

PART III – NARRATIVE

 

State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q,10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.

 

Anavex Life Sciences Corp. (the “Company”) is unable to timely file its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2026 (the “Form 10-Q”) by the prescribed May 11, 2026 due date without unreasonable effort and expense due to the circumstances described below.

 

As previously disclosed in the Company’s Current Report on Form 8-K filed on May 6, 2026, a special committee (the “Special Committee”) composed of independent directors of the Board of Directors (the “Board”) terminated the employment of Dr. Christopher Missling as the Chief Executive Officer of the Company on April 30, 2026 for, among other things, conduct that the Special Committee believed was inconsistent with Company Policy. On May 4, 2026, the Special Committee appointed Dr. Terrie Kellmeyer as Interim Chief Executive Officer.

 

Until the Special Committee and the Company complete their review of certain matters related to the termination of Dr. Missling and Dr. Kellmeyer has had sufficient opportunity to review the Form 10-Q prior to its certification and filing, the Company will be unable to complete its preparation and review of the Form 10-Q without unreasonable effort or expense. The Special Committee and the Company are working diligently to complete their review so that the Company can file the Form 10-Q.

 

 

 

PART IV – OTHER INFORMATION

 

(1) Name and telephone number of person to contact in regard to this notification
 

Sandra Boenisch

(844)

689-3939

  (Name) (Area Code) (Telephone Number)
       
(2) Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s).
    Yes No
   
(3) Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?
    Yes No
       
  If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.

 

Forward-Looking Statements

 

This Form 12b-25 includes forward-looking statements. All statements other than statements of historical facts contained in this Form 12b-25, including statements regarding our anticipated future clinical and regulatory milestone events, future financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “expect” “should,” “forecast,” “potential,” “predict”, “could,” “would,” “will,” “suggest,” “plan” and similar expressions, as they relate to us, are intended to identify forward-looking statements. Such risks and uncertainties include: that the review by the Special Committee and the Company described above is ongoing and may take longer to complete than currently anticipated; and that the Company may take longer to file its Form 10-Q than anticipated. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

 

 

 

Anavex Life Sciences Corp.

(Name of Registrant as Specified in Charter)

 

has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: May 11, 2026 By: /s/ Sandra Boenisch
  Title: Principal Financial Officer, Treasurer

 

ATTENTION

Intentional misstatements or omissions of fact constitute Federal Criminal Violations (See 18 U.S.C. 1001).

 

 

FAQ

Why did Anavex (AVXL) file a Form 12b-25 delaying its 10-Q?

Direct answer: The company delayed the Form 10-Q because an independent Special Committee review followed the CEO's termination. Supporting context: The filing states the prior CEO was terminated on April 30, 2026 and an Interim CEO was appointed on May 4, 2026; the review must be completed before certification.

When is Anavex's quarterly report period end and original due date?

Direct answer: The quarterly period ended March 31, 2026 and the prescribed Form 10-Q due date was May 11, 2026. Supporting context: The Form 12b-25 cites those exact dates while invoking Rule 12b-25 relief for a short filing extension.

Who is handling the review and who is the Interim CEO at Anavex (AVXL)?

Direct answer: An independent Special Committee of the Board is conducting the review and appointed Dr. Terrie Kellmeyer as Interim CEO. Supporting context: The 12b-25 narrative states the Special Committee made the appointment on May 4, 2026 to allow review and certification timing.

Will Anavex disclose timing for filing the delayed 10-Q?

Direct answer: The company states it is working diligently but does not commit to a specific filing date in this notice. Supporting context: The Form 12b-25 explains the review is ongoing and ties completion to the Special Committee's review and the Interim CEO's opportunity to review the report.

Who can be contacted about Anavex's late filing notification?

Direct answer: The contact listed is Sandra Boenisch with telephone (844) 689-3939. Supporting context: That contact is provided in Part IV for inquiries regarding the Form 12b-25 notification signed on behalf of the company.