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Entero Therapeutics (NASDAQ: ENTO), a clinical-stage biopharmaceutical company focused on gastrointestinal (GI) diseases, has received a notification from Nasdaq regarding its delayed Form 10-Q filing. The company is not in compliance with Nasdaq Listing Rule 5250(c)(1) due to the late submission of its quarterly report for the period ended June 30, 2024.
Entero Therapeutics has until October 21, 2024, to submit a compliance plan to Nasdaq. If approved, the company may receive an extension until February 17, 2025, to regain compliance. The delay is attributed to the resignation of Forvis Mazars, LLP as the company’s independent auditors on August 9, 2024. Entero Therapeutics is currently seeking a new accounting firm and aims to file the Form 10-Q before the October deadline.
Entero Therapeutics (NASDAQ: ENTO), un’azienda biofarmaceutica in fase clinica focalizzata sulle patologie gastrointestinali (GI), ha ricevuto una notifica da Nasdaq riguardo al ritardo nella presentazione del suo modulo 10-Q. L’azienda non è in conformità con la Regola di Quotazione Nasdaq 5250(c)(1) a causa della tardiva presentazione del report trimestrale per il periodo terminato il 30 giugno 2024.
Entero Therapeutics ha tempo fino al 21 ottobre 2024 per presentare un piano di conformità a Nasdaq. Se approvato, l’azienda potrebbe ricevere un’estensione fino al 17 febbraio 2025 per ripristinare la conformità. Il ritardo è attribuito alle dimissioni di Forvis Mazars, LLP come revisori indipendenti dell’azienda il 9 agosto 2024. Attualmente, Entero Therapeutics sta cercando un nuovo studio contabile e mira a presentare il modulo 10-Q prima della scadenza di ottobre.
Entero Therapeutics (NASDAQ: ENTO), una empresa biofarmacéutica en etapa clínica centrada en enfermedades gastrointestinales (GI), ha recibido una notificación de Nasdaq sobre el retraso en la presentación de su formulario 10-Q. La empresa no cumple con la Regla de Cotización 5250(c)(1) de Nasdaq debido a la presentación tardía de su informe trimestral correspondiente al periodo finalizado el 30 de junio de 2024.
Entero Therapeutics tiene hasta el 21 de octubre de 2024 para presentar un plan de cumplimiento a Nasdaq. Si es aprobado, la empresa puede recibir una extensión hasta el 17 de febrero de 2025 para volver a cumplir con los requisitos. El retraso se atribuye a la renuncia de Forvis Mazars, LLP como auditores independientes de la empresa el 9 de agosto de 2024. Actualmente, Entero Therapeutics está buscando una nueva firma contable y tiene como objetivo presentar el formulario 10-Q antes de la fecha límite de octubre.
Entero Therapeutics (NASDAQ: ENTO)은 위장 질환(GI)에 중점을 둔 임상 단계의 생명공학 회사로, 10-Q 양식 제출 지연에 대한 나스닥의 통지를 받았습니다. 이 회사는 나스닥 상장 규칙 5250(c)(1)을 준수하지 않으며, 2024년 6월 30일 종료된 분기의 분기 보고서가 늦게 제출되었습니다.
Entero Therapeutics는 2024년 10월 21일까지 나스닥에 준수 계획을 제출해야 합니다. 승인될 경우, 이 회사는 2025년 2월 17일까지 준수 상태를 회복하기 위한 연장을 받을 수 있습니다. 지연의 원인은 2024년 8월 9일자로 회사의 독립 감사인인 Forvis Mazars, LLP의 사임 때문입니다. 현재 Entero Therapeutics는 새로운 회계 법인을 찾고 있으며, 10월 마감일 이전에 10-Q 양식을 제출할 계획입니다.
Entero Therapeutics (NASDAQ: ENTO), une entreprise biopharmaceutique en phase clinique axée sur les maladies gastrointestinales (GI), a reçu une notification de Nasdaq concernant le retard dans le dépôt de son formulaire 10-Q. L’entreprise n’est pas en conformité avec la Règle de Cotation Nasdaq 5250(c)(1) en raison de la soumission tardive de son rapport trimestriel pour la période se terminant le 30 juin 2024.
Entero Therapeutics a jusqu’au 21 octobre 2024 pour soumettre un plan de conformité à Nasdaq. Si approuvé, l’entreprise pourra bénéficier d’une prolongation jusqu’au 17 février 2025 pour retrouver sa conformité. Le retard est attribué à la démission de Forvis Mazars, LLP en tant qu’auditeurs indépendants de l’entreprise le 9 août 2024. Actuellement, Entero Therapeutics est à la recherche d’un nouveau cabinet comptable et vise à déposer le formulaire 10-Q avant la date limite d’octobre.
Entero Therapeutics (NASDAQ: ENTO), ein biopharmazeutisches Unternehmen in klinischer Phase, das sich auf gastrointestinale (GI) Erkrankungen konzentriert, hat eine Benachrichtigung von Nasdaq über die verspätete Einreichung seines Formulars 10-Q erhalten. Das Unternehmen entspricht nicht der Nasdaq-Listing-Regel 5250(c)(1) aufgrund der verspäteten Einreichung seines Quartalsberichts für den Zeitraum zum 30. Juni 2024.
Entero Therapeutics hat bis zum 21. Oktober 2024, um einen Compliance-Plan bei Nasdaq einzureichen. Wenn genehmigt, kann das Unternehmen eine Fristverlängerung bis zum 17. Februar 2025 erhalten, um die Compliance wiederherzustellen. Die Verzögerung ist auf den Rücktritt von Forvis Mazars, LLP als unabhängige Prüfer des Unternehmens am 9. August 2024 zurückzuführen. Entero Therapeutics sucht derzeit nach einer neuen Wirtschaftsprüfungsgesellschaft und plant, das Formular 10-Q vor der Frist im Oktober einzureichen.
Positive
- Company has until October 21, 2024, to submit a compliance plan to Nasdaq
- Potential extension until February 17, 2025, to regain compliance if plan is approved
- No immediate effect on the listing of the company’s securities on Nasdaq
Negative
- Failure to timely file Quarterly Report on Form 10-Q for Q2 2024
- Non-compliance with Nasdaq Listing Rule 5250(c)(1)
- Resignation of independent registered public accountants on August 9, 2024
- Risk of potential delisting if compliance is not regained
This Nasdaq notification regarding Entero Therapeutics’ delayed Form 10-Q filing is a significant red flag for investors. The company’s failure to file timely financial reports raises questions about its internal controls and financial transparency. The resignation of their independent auditor, Forvis Mazars, LLP, further compounds these concerns.
Investors should be cautious as this situation could lead to potential delisting from Nasdaq if not resolved promptly. The company has until October 21, 2024 to submit a compliance plan, with a possible extension until February 17, 2025. However, there’s no guarantee of regaining compliance.
This development may negatively impact investor confidence and could potentially affect the company’s ability to raise capital in the future, which is important for a clinical-stage biopharmaceutical company.
The Nasdaq notification highlights potential regulatory compliance issues for Entero Therapeutics. Failure to file the Form 10-Q on time is a violation of Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic financial reports.
The company now faces a tight timeline to either file the Form 10-Q or submit a credible compliance plan. The sudden departure of their auditor raises questions about possible disagreements on accounting practices or internal control issues.
Investors should be aware that continued non-compliance could lead to delisting proceedings, which would have severe consequences for the company’s market access and shareholder value. The situation also increases the risk of potential shareholder litigation if material information is found to have been withheld or misrepresented.
BOCA RATON, Fla., Aug. 23, 2024 (GLOBE NEWSWIRE) — Entero Therapeutics, Inc., (NASDAQ: ENTO), (“Entero Therapeutics” or the “Company”), a clinical-stage biopharmaceutical company specializing in the development of targeted, non-systemic therapies for gastrointestinal (GI) diseases, today announced that it received a letter from the Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”) advising that, because the Company failed to timely file its Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2024 (the “Form 10-Q”), the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Rule”). Nasdaq has informed the Company that it has until October 21, 2024, to submit a plan to regain compliance with the Rule. If Nasdaq approves the Company’s plan, it has the discretion to grant the Company an extension of up to 180 calendar days from the due date of the Form 10-Q (or until February 17, 2025) to regain compliance.
As the Company previously reported, Forvis Mazars, LLP resigned as the Company’s independent registered public accountants on August 9, 2024. The Company is currently in the process of engaging a new independent registered public accounting firm and will use its best efforts to file the Form 10-Q prior to October 21, 2024. If the Company does not file the Form 10-Q in advance of the sixty-day deadline, it intends to timely file a plan to regain compliance with Nasdaq. There can be no assurance, however, that the Company will be able to regain compliance with the listing requirements discussed above or otherwise satisfy the other Nasdaq listing criteria. This notification has no immediate effect on the listing of the Company’s securities on Nasdaq.
About Entero Therapeutics, Inc.
Entero Therapeutics is a clinical-stage biopharmaceutical company specializing in the development of targeted, non-systemic therapies for gastrointestinal (GI) diseases. The Company currently has a therapeutic development pipeline with multiple late-stage clinical programs built around three proprietary technologies: latiglutenase, a Phase 3-ready, potentially first-in-class, targeted, oral biotherapeutic for celiac disease; capeserod, a selective 5-HT4 receptor partial agonist being developed for gastroparesis; and adrulipase, a recombinant lipase enzyme designed to enable the digestion of fats and other nutrients in cystic fibrosis and chronic pancreatitis patients with exocrine pancreatic insufficiency. Entero Therapeutics is headquartered in Boca Raton, Florida. For more information visit www.enterothera.com.
Forward-Looking Statements
This press release may contain certain statements relating to future results which are forward-looking statements. It is possible that the Company’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements, depending on factors including the Company’s current and future capital requirements and its ability to raise additional funds to satisfy its capital needs; whether there are delays in the engagement of a new independent registered public accounting firm; whether there are any further delays in the preparation and filing of the Company’s Form 10-Q; whether any financing or licensing transaction may be obtained, completed in an untimely manner, or not at all; whether the Company will be able to realize the expected benefits of its acquisition of ImmunogenX; the Company’s ability to integrate the assets and contemplated commercial operations acquired from ImmunogenX into the Company’s business; whether the Company will be able to effectively and timely service its debt; whether results obtained in preclinical and nonclinical studies and clinical trials will be indicative of results obtained in future clinical trials; whether preliminary or interim results from a clinical trial will be indicative of the final results of the trial; whether the Company will be able to maintain compliance with Nasdaq’s continued listing criteria and the effect of a delisting from Nasdaq on the market for the Company’s securities; whether the Company will be able to satisfy the terms of any plan of compliance it submits to Nasdaq; whether Nasdaq will accept any plan of compliance the Company submits, or provide any other accommodations to the Company; the size of the potential markets for the Company’s drug candidates and its ability to service those markets; and the effects of the First Wave Bio, Inc. acquisition, the related settlement and their effect on the Company’s business, operating results and financial prospects. Additional information concerning the Company and its business, including a discussion of factors that could materially affect the Company’s financial results are contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, under the heading “Risk Factors,” as well as the Company’s subsequent filings with the Securities and Exchange Commission. All forward-looking statements included in this press release are made only as of the date of this press release, and we do not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware.
For more information:
Entero Therapeutics, Inc.
777 Yamato Road, Suite 502
Boca Raton, FL 33431
Phone: (561) 589-7020
info@enterothera.com
Media contact:
Russo Partners
David Schull or Liz Phillips
(347) 956-7697
david.schull@russopartnersllc.com
elizabeth.phillips@russopartnersllc.com
This press release was published by a CLEAR® Verified individual.
FAQ
Why did Entero Therapeutics (ENTO) receive a notification from Nasdaq?
Entero Therapeutics received a notification from Nasdaq due to its failure to timely file its Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2024, resulting in non-compliance with Nasdaq Listing Rule 5250(c)(1).
What is the deadline for Entero Therapeutics (ENTO) to submit a compliance plan to Nasdaq?
Entero Therapeutics has until October 21, 2024, to submit a plan to regain compliance with Nasdaq Listing Rule 5250(c)(1).
What caused the delay in Entero Therapeutics’ (ENTO) Form 10-Q filing?
The delay in filing the Form 10-Q was caused by the resignation of Forvis Mazars, LLP, Entero Therapeutics’ independent registered public accountants, on August 9, 2024.
Is there an immediate effect on Entero Therapeutics’ (ENTO) Nasdaq listing?
No, the notification from Nasdaq has no immediate effect on the listing of Entero Therapeutics’ securities on Nasdaq.
