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Allarity Therapeutics, Inc. (NASDAQ:ALLR), a clinical-stage biopharmaceutical company with a market capitalization of $15.23 million, announced a change in its executive leadership, according to a statement filed with the Securities and Exchange Commission. InvestingPro data shows the company faces significant financial challenges, with negative EBITDA of $16.32 million in the last twelve months.
On June 30, Alexander Epshinsky resigned from his position as chief financial officer. The company reported that the resignation was not due to any disagreement regarding operations, policies, practices, or accounting matters. The leadership change comes as InvestingPro analysis indicates the company is quickly burning through cash, though it maintains a healthy current ratio of 2.66, suggesting adequate short-term liquidity.
Effective July 1, Jeffrey S. Ervin, age 48, was appointed as chief financial officer on a part-time basis. Prior to joining Allarity Therapeutics, Ervin served as founder and chief executive officer of Sanaregen Vision Therapeutics, Inc., a clinical-stage biopharmaceutical company, in a fractional capacity since February 2025. From June 2024 to January 2025, he held the role of co-chief financial officer, also in a fractional capacity, at DDC Enterprise , Ltd (NYSE:DDC), a consumer food company. Ervin was chairman and chief executive officer of IMAC Holdings, Inc. from February 2015 to May 2024, and led its initial public offering in February 2019 (NASDAQ:BACK). He holds an M.B.A. from Vanderbilt University and currently serves as an independent director of Cingulate , Inc. (NASDAQ:CING).
The company stated that Ervin has no family relationships with any directors or executive officers, and there have been no transactions involving Ervin or his immediate family members exceeding $120,000 since the beginning of the last fiscal year.
Allarity Therapeutics and Ervin entered into an employment agreement on July 1. Under the agreement, Ervin will receive an annual base salary of $175,000. If his employment is terminated as a result of a change of control, he will be eligible for severance equal to six months’ base salary, paid as salary continuation.
This information is based on a press release statement and the company’s recent SEC filing.
In other recent news, Allarity Therapeutics has announced several key developments. The company reported the acceptance of its patent application for the Drug Response Predictor (DRP) companion diagnostic specific to stenoparib in Australia, marking a step in protecting its DRP platform internationally. Additionally, Allarity Therapeutics has appointed Jeff Ervin as the new Chief Financial Officer, bringing extensive executive leadership experience to the company. Jesper Høiland has also joined the Board of Directors, adding over 30 years of pharmaceutical industry experience.
Furthermore, Allarity has entered into a research collaboration with the Indiana Biosciences Research Institute to enhance the understanding of stenoparib, focusing on its dual mechanism as a PARP and WNT pathway inhibitor. The company also unveiled a new Drug Response Predictor for daratumumab, aimed at identifying multiple myeloma patients likely to respond to treatment. These recent developments underscore Allarity’s commitment to advancing its proprietary DRP technology and expanding its precision diagnostics platform.
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