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MALVERN, Pa. - Annovis Bio Inc. (NYSE: ANVS), a clinical-stage drug platform company focusing on neurodegenerative diseases, received a notification from the New York Stock Exchange (NYSE) on Wednesday, indicating non-compliance with the exchange’s continued listing standards. The company’s market capitalization fell below the required $50 million threshold, averaging approximately $37.9 million over the past 30 trading days. According to InvestingPro data, ANVS stock has declined over 84% in the past year, with the current market cap at $35.66 million. The stock currently trades at $1.85, significantly below its 52-week high of $20.
Additionally, the company’s stockholders’ equity was reported at $9.3 million as of December 31, 2024, which also fails to meet the NYSE’s standards. This notice does not currently impact Annovis Bio’s business operations, SEC reporting obligations, or its debt agreements. InvestingPro analysis shows that despite these challenges, the company maintains a strong current ratio of 3.59, with liquid assets exceeding short-term obligations, and notably holds more cash than debt on its balance sheet.
In response, Annovis Bio plans to submit a proposal within 45 days to regain compliance with the NYSE’s listing criteria. The exchange will then have another 45 days to review the plan and decide if the company can demonstrate the ability to meet the standards within an 18-month period. If the plan is accepted, Annovis Bio’s stock will continue trading on the NYSE during this cure period, contingent on adherence to the plan and other listing requirements. According to InvestingPro, analysts maintain varying price targets for the stock, ranging from $8 to $72, suggesting significant potential upside if the company successfully addresses its compliance issues.
The company’s common stock will retain its ticker symbol but will be appended with a ".BC" indicator to denote its below-criteria status. This designation will be removed once the company regains compliance with the listing standards.
Annovis Bio, headquartered in Malvern, Pennsylvania, is known for its pioneering work in addressing neurodegenerative conditions like Alzheimer’s and Parkinson’s diseases through its drug development platform. The company aims to target multiple neurotoxic proteins to restore brain function and improve patient quality of life.
This news is based on a press release statement from Annovis Bio.
In other recent news, Annovis Bio Inc. has completed a public offering, raising $21 million in gross proceeds. The offering involved 5.25 million shares of common stock paired with warrants, priced at $4.00 per share, with the warrants exercisable at $5.00 per share over five years. This financial move is intended to support the Phase 3 study of their Alzheimer’s disease drug candidate, buntanetap. Concurrently, Annovis Bio has initiated a pivotal Phase 3 trial for buntanetap, enrolling the first two patients to evaluate its safety and efficacy in early-stage Alzheimer’s disease. The trial is being conducted following FDA approval, based on promising results from a previous Phase 2/3 trial.
Additionally, Annovis Bio has secured a U.S. patent for buntanetap, aimed at treating and preventing acute brain or nerve injuries, complementing existing patents in other regions. D. Boral Capital recently downgraded Annovis Bio’s stock rating from Buy to Hold, expressing concerns over the structure of the public offering. The firm noted that the company’s ability to fully capitalize on the second phase of financing is dependent on the stock price reaching $5.00, potentially prolonging the financing overhang. This series of developments reflects Annovis Bio’s ongoing strategic efforts in advancing its drug programs and expanding its intellectual property portfolio.
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