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Nasdaq warns Kyntra Bio (NASDAQ: FGEN) over Global Select listing test

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Kyntra Bio, Inc. reported receiving a Nasdaq notice on April 2, 2026 that it no longer meets the Nasdaq Global Select Market continued listing requirement of $50 million in total assets and total revenue under Listing Rule 5450(b)(3)(A).

The shortfall arises because revenue of FibroGen International is now presented as held for sale in discontinued operations for 2024 and 2025, and the company also does not meet the alternative shareholders’ equity or market value standards. Kyntra Bio has 45 days, until May 18, 2026, to submit a plan to regain compliance, and Nasdaq may grant up to a 180‑day extension to September 29, 2026 if the plan is accepted.

Positive

  • None.

Negative

  • Kyntra Bio received a Nasdaq notice of non-compliance with the Global Select Market $50 million assets-and-revenue listing requirement, and it also fails alternative equity and market value standards, putting its current listing status at clear risk.

Insights

Nasdaq deficiency notice puts Kyntra Bio’s Global Select listing at risk, with a defined but uncertain remediation window.

The company no longer satisfies the Nasdaq Global Select Market test requiring at least $50 million in combined total assets and total revenue under Listing Rule 5450(b)(3)(A). Reclassifying FibroGen International’s revenue into discontinued operations for 2024 and 2025 reduced qualifying revenue, triggering non‑compliance.

Kyntra Bio also fails the alternative shareholders’ equity and market value of listed securities standards, so it must rely on a remediation plan. Nasdaq allows 45 days, until May 18, 2026, to submit a plan and can extend the period to September 29, 2026. Outcomes can include regaining compliance, moving to the Nasdaq Capital Market, or eventual delisting if criteria are not met.

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing Securities
The company received a delisting notice or transferred its listing to a different exchange.
Nasdaq assets and revenue requirement $50 million Total assets and total revenue test under Listing Rule 5450(b)(3)(A)
Plan submission window 45 days Period to submit compliance plan ending May 18, 2026
Maximum extension period 180 days Potential Nasdaq extension through September 29, 2026
Notice date April 2, 2026 Date Nasdaq informed Kyntra Bio of non-compliance
Plan due date May 18, 2026 Deadline to submit plan to regain compliance
Possible extension end date September 29, 2026 Latest date to evidence compliance if plan accepted
Nasdaq Global Select Market financial
"the Company no longer complies with the Nasdaq Global Select Market continued listing requirement"
A Nasdaq Global Select Market listing is the highest tier of stocks on the Nasdaq exchange, reserved for companies that meet the strictest financial, reporting and governance standards. For investors, it acts like a premium quality label—signaling larger, more transparent and better-governed companies that tend to offer greater liquidity and lower perceived risk compared with lower-tier listings, making it easier to buy, sell and evaluate shares.
Listing Rule 5450(b)(3)(A) regulatory
"per Listing Rule 5450(b)(3)(A)"
discontinued operations financial
"being presented as held for sale (in discontinued operations) in 2024 and 2025"
Discontinued operations are parts of a company that it has decided to sell or shut down, and no longer plans to run in the future. This matters to investors because it helps them understand which parts of the business are ongoing and which are being phased out, providing a clearer picture of the company’s current performance and future prospects. Think of it like a store closing a department—it no longer contributes to sales or profits.
Nasdaq Capital Market financial
"Kyntra Bio may also consider applying to transfer the Company’s securities to the Nasdaq Capital Market."
The Nasdaq Capital Market is a platform where smaller, emerging companies can list their shares for trading by investors. It provides these companies with access to funding and visibility, helping them grow, much like a local marketplace where new vendors can introduce their products to potential customers. For investors, it offers opportunities to discover early-stage companies with growth potential.
stockholders’ equity financial
"listing requirements relating to stockholders’ equity or market value of listed securities"
Stockholders’ equity is the portion of a company’s value that belongs to its owners after subtracting what the company owes from what it owns — like the equity in a house after paying the mortgage. For investors it shows the company’s net worth and can indicate financial strength, a cushion against losses, and the amount potentially available to support dividends or reinvestment; tracking changes helps assess whether the business is building or eroding owner value.
Understanding 8-K Material Events →
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 02, 2026

 

 

KYNTRA BIO, INC.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

001-36740

77-0357827

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

350 Bay Street

Suite 100 #6009

 

San Francisco, California

 

94133

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 415 978-1200

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Common Stock, $0.01 par value

 

KYNB

 

The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On April 2, 2026, Kyntra Bio, Inc. (“Kyntra Bio” or the “Company”) received a letter from the Nasdaq Listing Qualifications Staff of the Nasdaq Stock Market notifying us that the Company no longer complies with the Nasdaq Global Select Market continued listing requirement of $50 million in total assets and total revenue for the most recently completed fiscal year (or two of the last three most recently completed fiscal years) per Listing Rule 5450(b)(3)(A). This is due to the revenue of FibroGen International being presented as held for sale (in discontinued operations) in 2024 and 2025. The Company does not currently meet the alternative requirements of Listing Rule 5450(b) (either the shareholders’ equity or the market value of listed securities standards).

The notification received has no immediate effect on the listing of Kyntra Bio’s common stock on Nasdaq. Under the Nasdaq Rules, the Company has 45 days (May 18, 2026) to submit a plan to regain compliance and if such plan is accepted, Nasdaq may grant the Company with an extension of up to 180 days (September 29, 2026) to evidence compliance.

Per Listing Rule 5810(c)(2)(D), the Company may submit a plan that demonstrates current or near term compliance with the listing requirements relating to stockholders’ equity or market value of listed securities. In determining whether to accept our plan, Nasdaq will consider such things as the likelihood that the plan will result in compliance with Nasdaq’s continued listing criteria, the Company’s past compliance history, the reasons for the Company’s current non-compliance, other corporate events that may occur within the review period, the Company’s overall financial condition, and its public disclosures.

Kyntra Bio may also consider applying to transfer the Company’s securities to the Nasdaq Capital Market.

 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

KYNTRA BIO, INC.

 

 

 

 

Date:

April 9, 2026

By:

/s/ John Alden

 

 

 

John Alden
General Counsel

 

 

Source: View Original Filing on SEC EDGAR

FAQ

What Nasdaq issue did Kyntra Bio (FGEN) disclose in this 8-K?

Kyntra Bio disclosed that Nasdaq notified the company on April 2, 2026 that it no longer meets the Nasdaq Global Select Market’s continued listing standards tied to $50 million in total assets and total revenue, or alternative equity and market value criteria.

Why is Kyntra Bio (FGEN) out of compliance with Nasdaq’s $50 million standard?

The company’s non-compliance stems from revenue of FibroGen International being reported as held for sale in discontinued operations in 2024 and 2025. This presentation reduces qualifying revenue used in Nasdaq’s assets-and-revenue test under Listing Rule 5450(b)(3)(A).

How long does Kyntra Bio (FGEN) have to regain Nasdaq listing compliance?

Kyntra Bio has 45 days, until May 18, 2026, to submit a plan to regain compliance. If Nasdaq accepts the plan, it may grant up to 180 days, through September 29, 2026, for the company to demonstrate renewed compliance.

Does the Nasdaq notice immediately affect trading in Kyntra Bio (FGEN) stock?

The notice has no immediate effect on the listing of Kyntra Bio’s common stock. Shares continue trading on the Nasdaq Global Select Market while the company prepares its compliance plan and Nasdaq evaluates any extension under its rules.

What alternatives does Kyntra Bio (FGEN) have if it cannot meet Global Select standards?

The company may submit a plan showing current or near-term compliance with shareholders’ equity or market value standards, and it may also consider applying to transfer its securities to the Nasdaq Capital Market, which has different listing requirements.

What factors will Nasdaq review in Kyntra Bio’s (FGEN) compliance plan?

Nasdaq will consider the likelihood the plan restores compliance, the company’s past compliance history, reasons for the current deficiency, other corporate events during the review period, overall financial condition, and the company’s public disclosures.

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