ATLANTA - Alzamend Neuro, Inc. (NASDAQ:ALZN), a clinical-stage biopharmaceutical company, has received approval from the Nasdaq Hearings Panel to continue its listing on The Nasdaq Capital Market. The decision is contingent upon the company demonstrating compliance with the Nasdaq's Stockholder Equity Rule, which requires a minimum stockholder equity of $2.5 million, by September 23, 2024.
The CEO of Alzamend, Stephan Jackman, expressed gratitude towards the Panel for granting the extension, which allows the company additional time to meet the necessary financial criteria. Jackman affirmed Alzamend's commitment to adhering to the compliance plan presented to the Panel and conveyed excitement about maintaining the company's presence on the Nasdaq.
Alzamend Neuro is engaged in developing treatments for Alzheimer's disease, bipolar disorder, major depressive disorder, and post-traumatic stress disorder. The company's pipeline includes two novel therapeutic drug candidates: AL001, which uses ionic cocrystal technology to deliver lithium, and ALZN002, a cell-based therapeutic vaccine aimed at combating Alzheimer's.
The company's progress and compliance efforts are documented in public filings and press releases, which are accessible to stockholders, investors, and other interested parties under the Investor Relations section of Alzamend's website or through the U.S. Securities and Exchange Commission.
This announcement is based on a press release statement from Alzamend Neuro, Inc. The company's forward-looking statements involve predictions based on current expectations and are subject to risks and uncertainties.
Alzamend has stated that it does not intend to update any forward-looking statements publicly, regardless of new information or future events, and acknowledges that actual results could materially differ from those projected.
InvestingPro Insights
As Alzamend Neuro, Inc. (NASDAQ:ALZN) works towards meeting the Nasdaq's Stockholder Equity Rule, investors are keeping a close eye on the company's financial health and market performance. According to InvestingPro data, Alzamend's market capitalization currently stands at a modest $4.33 million. The company's price-to-earnings (P/E) ratio is deeply negative at -0.34, reflecting the market's sentiments about its profitability challenges.
InvestingPro Tips suggest that Alzamend is rapidly depleting its cash reserves and is grappling with weak gross profit margins. These factors contribute to analysts' expectations that the company will not achieve profitability within this year. Moreover, Alzamend's short-term obligations surpass its liquid assets, indicating potential liquidity risks.
Alzamend's stock price performance has also been a cause for investor concern. Over the last year, the company's stock price has plummeted by an alarming 91.93%, and it is currently trading at only 5.29% of its 52-week high. Despite these challenges, the company has a fair value estimate of $0.78 according to InvestingPro's fair value assessment, which could suggest a potential undervaluation at its recent closing price of $0.63.
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