SAN MATEO, Calif. and SINGAPORE - ASLAN Pharmaceuticals (NASDAQ:ASLN), a company specializing in immunology-focused treatments, has been notified of a non-compliance issue with Nasdaq's continued listing requirements. The notification, received on April 18, 2024, indicates that ASLAN did not meet the minimum stockholders' equity of $2.5 million, as required by the Nasdaq Capital Market. The company's Form 20-F for the year ending December 31, 2023, showed a stockholders' equity deficit of $13.3 million.
ASLAN has been given a 45-day deadline, until June 3, 2024, to submit a plan to address the deficit and regain compliance. If Nasdaq approves the plan, ASLAN could be granted an extension of up to 180 days from the notification date to meet the requirement. During this period, ASLAN's American Depositary Shares will continue to trade on Nasdaq under the ticker "ASLN," provided the company meets other listing standards.
ASLAN is currently working on eblasakimab, a potential new antibody treatment for moderate-to-severe atopic dermatitis, and farudodstat, an oral inhibitor aimed at treating alopecia areata. The company expects interim results from a Phase 2a trial of farudodstat in the third quarter of 2024.
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