Cash Position
The company has 1.8 months of cash left based on the quarterly cash burn of $1.05 M and estimated current cash of $608.18 k
Commentary on Financial Condition
Protagenic is a development stage company that has incurred significant operating losses and does not expect to generate revenue from its product candidates for several years. The company anticipates that its current cash resources will be sufficient to fund operations until approximately the end of the third quarter of 2025, after which it will need to raise additional capital. Protagenic is currently not in compliance with Nasdaq's minimum bid price requirements but has until April 28, 2025, to demonstrate compliance and update its fundraising plans. The company has no committed sources of additional capital, and if it fails to secure necessary funding, it may need to curtail its development efforts and planned operations., Filed At: 2025-03-31
Nasdaq Compliance
Date
Deficiency
Market
Status
Notes
May 22, 2024
Equity
NCM
OPEN
Protagenic Therapeutics, Inc. received a notification from Nasdaq on November 19, 2024, regarding non-compliance with the minimum stockholders’ equity requirement of $2,500,000, and has appealed the decision with a hearing scheduled for January 30, 2025. Nasdaq has stayed the delisting action pending the Panel's final decision, as of the filing date on December 3, 2024.
Jul 24, 2024
Bid Price
NCM
OPEN
Protagenic Therapeutics, Inc. received a notification from Nasdaq on January 29, 2025, indicating it failed to meet the minimum bid price requirement of $1.00 per share and was given until January 21, 2025, to regain compliance, which it did not achieve. The company is scheduled to present its case to the Nasdaq Hearings Panel on January 30, 2025, to address its listing status. On February 19, 2025, the Company received a hearing panel decision from Nasdaq (Nasdaq Listing Qualifications Hearings Docket No. NQ 7072C-25) indicating that its provisional plan for regaining compliance with the Nasdaq listing requirements had been accepted. For continued listing on the Nasdaq Capital Market, the Company has until April 28, 2025 to: (1) demonstrate compliance with Nasdaq Rules 5550(a)(2) and 5550(b)(2), (2) file a public disclosure describing any transactions undertaken by the Company to increase its equity and provide and indication of its equity following those transactions, and (3) provide the Panel with an update on its fundraising plans and updated income projections for the next 12 months. Filed At: 2025-03-31.
Jan 15, 2025
Annual Shareholder Meeting
NCM
RESOLVED
Protagenic Therapeutics, Inc. received a notification from Nasdaq for not holding its annual meeting of shareholders within the required timeframe following the end of its fiscal year on December 31, 2023. The company has scheduled its annual meeting to occur no later than February 21, 2025, and is working to address this compliance issue, with the notification not currently affecting the listing of the company's securities on the Nasdaq Capital Market. Filed At: 2025-01-15.
Previous Splits
Date
Split
3/23/2023
4 to 1
Shelf
Title | Raisable Amt | Offering Amt | Amt Sold Last 12 Mos | Float | 60 Day High | Price to Exceed Baby Shelf | Float Value | Exp Date | Effective date | |
|---|---|---|---|---|---|---|---|---|---|---|
June 2024 SHELF & ATM | $716,059.00 | $100.00 M | 200000 | 6.54 M | 0.42 | 11.46 | 2.75 M | 1/10/2028 | 1/10/2025 |
ATM
Warrants
Title | Registered | Remaining Warrants | Ex Price | Cost Basis | Total Warrants | Owners | Price Protection | Details | Exercisable Date | Expiration Date | Filed Date | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
(Approved 2/21/25) October 2024 - - Series A Warrants | Registered | 1,948,295 | $0.64 | - | 1,948,295 | Alta, The Next World Trust, Bigger Capital, Firstfire | Customary Anti-Dilution | N/A | - | Apr 29, 2026 | Oct 30, 2024 | |
(Approved 2/21/25) October 2024 - - Series B Warrants | Registered | 1,948,295 | $0.64 | - | 1,948,295 | Alta, The Next World Trust, Bigger Capital, Firstfire | Customary Anti-Dilution | N/A | - | Nov 4, 2029 | Oct 30, 2024 | |
April 2021 - Warrants | Registered | 795,000 | $19.92 | - | 795,000 | N/A | Customary Anti-Dilution | - | - | Apr 28, 2021 | ||
November 2016 - Warrants | Not Registered | 656,469 | $4.20 | - | 1,001,764 | Insiders | N/A | - | - | Nov 1, 2016 |
Convertibles
Title | Registered | Shares Remaining | Cv Price | $ Amt Remaining | Total $ Amt | Owners | Price Protection | Details | Convertible Date | Maturity Date | Filed Date | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
August 2020 - Convertible Note | Not Registered | 86,000 | $5.00 | $430,000.00 | $2,000,000.00 | Hudson Bay, Iroquois | Full Ratchet | - | - | Aug 20, 2020 |
Completed Offerings
Title | Offering Amt | Shr Amt | Share Price | Warrants | Bank | Owners | Date | Type | |
|---|---|---|---|---|---|---|---|---|---|
UPLIST | $13.20 M | 795.00 k | $16.60 | 795.00 k | Kingswood | - | Apr 26, 2021 | 8-K | |
PRIVATE PLACEMENT | $1.27 M | 1.95 M | $0.64 | 3.90 M | Brookline Capital Markets | Alta, The Next World Trust, Bigger Capital, Firstfire | Oct 30, 2024 | 8-K | |
PRIVATE PLACEMENT | $1.27 M | 1.95 M | $0.64 | 3.90 M | Brookline Capital Markets | - | Nov 5, 2024 | 8-K |