Unicycive Therapeutics, Inc. (NASDAQ:UNCY), a pharmaceutical company with a market capitalization of $80 million, has been granted an additional period to comply with Nasdaq's minimum bid price requirement. On Monday, Nasdaq provided the company with an extension until July 7, 2025, to meet the standard. Currently trading at $0.78, the stock has shown significant volatility with a beta of 2.29, according to InvestingPro data.
This extension follows an initial notice received by Unicycive on July 9, 2024, regarding its non-compliance due to the common stock's bid price falling below the required $1.00 per share over a period of 30 consecutive business days. The company was originally given until January 6, 2025, to regain compliance.
Despite efforts, as of January 6, 2025, Unicycive had not succeeded in meeting the minimum bid price criterion. The additional 180-day compliance period is an opportunity for the company to consider and implement strategies to increase its stock price above the Nasdaq threshold. InvestingPro analysis shows the company maintains strong liquidity with a current ratio of 3.61, indicating sufficient resources to meet its short-term obligations.
Unicycive Therapeutics, based in Los Altos, California, specializes in the development of pharmaceutical preparations. The company’s CEO, Shalabh Gupta, indicated that they are monitoring the stock's closing bid price closely and may explore options to regain compliance with Nasdaq Listing Rules.
The company's continued listing on the Nasdaq Capital Market hinges on its ability to satisfy the minimum bid price requirement or potentially face delisting. Investors are keeping a watchful eye on the company's progress towards meeting the Nasdaq's conditions within the newly allotted timeframe.
In other recent news, Unicycive Therapeutics has reported positive data from a Phase 1 study of oxylanthanum carbonate (OLC), a drug developed for patients with hyperphosphatemia in chronic kidney disease. The study results showed OLC was well-tolerated and effectively reduced phosphate absorption. Unicycive is seeking FDA approval for OLC, with a target action date set for June 28, 2025.
The company also successfully completed its Phase 1 study for UNI-494, a drug aimed at treating acute kidney injury. H.C. Wainwright maintained a Buy rating for Unicycive following these developments.
Additionally, Unicycive is preparing to present new research on kidney disease therapies at the upcoming American Society of Nephrology Kidney Week. These are recent developments in Unicycive Therapeutics' ongoing efforts in its clinical trials and regulatory endeavors.
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