Israeli biotech company, Chemomab Therapeutics Ltd., has been notified by Nasdaq's Listing Qualifications Department for non-compliance with the minimum bid price requirement for its American Depositary Shares (ADSs). The firm has until May 6, 2024, to regain compliance by ensuring that the closing bid price of its ADSs surpasses the minimum bid price for 10 consecutive business days. Despite this, Chemomab's ADSs will continue trading on Nasdaq under the ticker NASDAQ:CMMB.
Should Chemomab fail to regain compliance by the deadline, it may be granted an additional 180-day period if it satisfies other listing requirements and communicates its plans to rectify the situation to Nasdaq. The company is currently considering actions to regain compliance.
Chemomab Therapeutics specializes in therapeutics for fibro-inflammatory diseases. Its main product, CM-101, a monoclonal antibody developed to neutralize CCL24 activity that promotes fibrosis and inflammation, has shown promising results in preclinical and clinical studies. The CM-101 program for systemic sclerosis is ready for Phase 2, and a Phase 2 trial in primary sclerosing cholangitis patients is ongoing. Results are expected in the second half of 2024.
The company remains focused on its future operations and achieving regulatory milestones. It sees commercial potential in its product candidates and continues to monitor its ADSs while considering options to regain compliance. These forward-looking statements are subject to risks listed in Chemomab's SEC filings under the Private Securities Litigation Reform Act.
InvestingPro Insights
In light of the recent developments at Chemomab Therapeutics Ltd., InvestingPro provides some critical insights. According to real-time data, Chemomab has a market cap of 8.27M USD and a negative P/E ratio of -0.25. Over the last twelve months until Q2 2023, the company's operating income stands at -34.2M USD, reflecting a challenging financial landscape.
InvestingPro Tips suggest that the company holds more cash than debt on its balance sheet, a positive sign for potential investors. However, it's important to note that the company has been burning through cash quickly, and the stock price has fallen significantly over the last three months. The company is also not profitable over the last twelve months, which is reflected in the negative earnings per share trend.
InvestingPro offers an extensive list of additional tips and data for those interested in a deeper analysis of Chemomab's financial health and market position. With this information, investors can make more informed decisions about their investment strategies.
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