FILANA THERAPEUTICS, INC.: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; T

Filana faces Nasdaq delisting risk after 30 days below the $1.00 bid minimum.

What the company is saying

Filana Therapeutics, Inc. discloses receipt of a formal notice from Nasdaq on September 17, 2026, confirming its common stock closed below the $1.00 minimum bid price for thirty consecutive business days. The company is now officially non-compliant with Nasdaq Listing Rule 5550(a)(2) but emphasizes that its shares continue to trade under the symbol FLNA. The announcement details the compliance process, stating Filana has 180 calendar days, until March 16, 2027, to restore its bid price to at least $1.00 for ten consecutive business days. Management states it will monitor the stock price and may consider options to regain compliance, but offers no specifics on planned actions. The tone is factual and procedural, with no attempt to minimize the seriousness of the deficiency. Eric J. Schoen, Chief Financial Officer, signs the report, underscoring executive-level awareness of the issue.

What the data suggests

The notice confirms that Filana's stock price has remained below the $1.00 threshold for thirty consecutive business days, triggering a formal compliance process under Nasdaq rules. The par value of the common stock is $0.001, and the minimum bid price requirement is $1.00. The company now has 180 days, until March 16, 2027, to cure the deficiency by achieving a closing bid price of at least $1.00 for ten consecutive business days. If compliance is not regained, Filana may qualify for a second 180-day period, but failure to resolve the issue could result in delisting proceedings. No operational, financial, or turnaround metrics are disclosed, and there is no evidence of improvement or a recovery plan in motion. The only hard facts are the compliance timeline, the $1.00 threshold, and the procedural steps Nasdaq will follow.

Analysis

The announcement is a factual regulatory update regarding Filana Therapeutics, Inc.'s non-compliance with Nasdaq's minimum bid price requirement. The language is procedural and does not attempt to frame the situation positively or exaggerate the company's prospects. All forward-looking statements are limited to describing the compliance process and possible outcomes, with no promotional or aspirational claims about business performance or recovery. There is no mention of capital outlay, operational initiatives, or financial projections. The company's stated intention to monitor the bid price and consider options is standard and not presented as a solution or achievement. The data fully support the narrative, with no evidence of narrative inflation or overstatement.

Risk flags

• ●Filana is at risk of delisting from the Nasdaq Capital Market if it does not restore its share price to at least $1.00 for ten consecutive business days within the 180-day window. Delisting would significantly reduce liquidity and investor access, potentially triggering further share price declines.
• ●The company provides no specific plan or actions to address the deficiency, increasing uncertainty about its ability to regain compliance. The lack of a disclosed turnaround strategy or operational catalyst leaves the risk of non-compliance unmitigated.
• ●If Filana fails to regain compliance after the first 180-day period, it may not qualify for a second period, or may still face delisting if Nasdaq determines the deficiency cannot be cured. The appeals process is available but offers no assurance of a favorable outcome.

Bottom line

Filana Therapeutics, Inc. is officially non-compliant with Nasdaq's $1.00 minimum bid price rule after thirty consecutive business days below the threshold. The company has until March 16, 2027, to restore its share price, with the risk of delisting if it fails. No operational or financial turnaround plan is disclosed, and management's only stated action is to monitor the situation. Investors face heightened risk due to potential loss of Nasdaq listing and the absence of a clear recovery path. The most important takeaway is that unless Filana executes a concrete plan to boost its share price, the risk of delisting and reduced liquidity will remain front and center.

Announcement summary

(NASDAQ:FLNA) Filana Therapeutics, Inc. announced that on September 17, 2026, it received written notice from the Nasdaq Stock Market, LLC indicating that the bid price for its common stock had closed below the minimum $1.00 per share for the last thirty consecutive business days. As a result, the company is not in compliance with the $1.00 minimum bid price requirement for continued listing on the Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2). The notice does not currently affect the company's common stock, which continues to trade on the Nasdaq Capital Market under the symbol 'FLNA'. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), Filana Therapeutics, Inc. has 180 calendar days, or until March 16, 2027, to regain compliance with the minimum bid price requirement. To regain compliance, the closing bid price of the common stock must meet or exceed $1.00 per share for a minimum of ten consecutive business days during this 180-day period. If the company is not in compliance by March 16, 2027, it may qualify for a second 180 calendar day compliance period. If the company does not qualify for, or fails to regain compliance during the second compliance period, or if it appears to Nasdaq that the company will not be able to cure the deficiency, then Nasdaq will notify the company of its determination to delist its common stock. At that point, the company would have an option to appeal the delisting determination to a Nasdaq hearings panel. Filana Therapeutics, Inc. intends to actively monitor the closing bid price of its common stock and may consider implementing available options to regain compliance with the minimum bid price under the Nasdaq Listing Rules. There can be no assurance that the company will be successful in maintaining its listing of its common stock on the Nasdaq Capital Market. The report was signed by Eric J. Schoen, Chief Financial Officer, on September 18, 2026.

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