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Applied Therapeutics, Inc. (NASDAQ:APLT), a pharmaceutical company currently trading at $0.37 per share with a market capitalization of $52.6 million, disclosed the outcomes of its Annual Meeting of Stockholders held on June 9, 2025, in a recent SEC filing. According to InvestingPro analysis, the company maintains strong liquidity with a current ratio of 3.0, though its stock has experienced significant volatility in recent months.
During the meeting, stockholders voted on several key proposals. The election of a Class III director to serve on the board until the 2028 Annual Meeting resulted in 44,287,976 votes for, 17,031,078 abstentions, and 39,277,498 broker non-votes. Additionally, the appointment of Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025, was ratified with 99,429,280 votes for, 679,553 against, and 725,233 abstentions.
On the advisory vote regarding executive compensation, the stockholders approved the pay of named executive officers with 57,650,206 votes for, 3,307,662 against, 598,700 abstentions, and 39,277,498 broker non-votes. Regarding the frequency of future advisory votes on executive compensation, stockholders favored holding the "say-on-pay" vote every year, with 60,589,660 votes for one year, 144,599 for two years, 275,839 for three years, 546,470 abstentions, and 39,277,498 broker non-votes.
Furthermore, an amendment to the Amended and Restated Certificate of Incorporation was approved to effect a reverse stock split by a ratio not less than one-for-5 and not more than one-for-40, as determined by the board. The reverse stock split received 92,238,511 votes for, 8,537,480 against, and 58,075 abstentions.
The board of directors will set the exact ratio for the reverse stock split within the approved range at its discretion. The company will hold an advisory "say-on-pay" vote annually until the board decides otherwise.
This information is based on a press release statement.
In other recent news, Applied Therapeutics has appointed Todd F. Baumgartner, MD, MPH, as its new Chief Regulatory Officer. Dr. Baumgartner brings over 35 years of experience in the pharmaceutical industry, having played significant roles in regulatory, clinical development, and medical affairs. His career highlights include leading 12 New Drug Applications to approval, showcasing his proficiency in the drug approval process. Prior to joining Applied Therapeutics, Dr. Baumgartner served in key positions at Ovid Therapeutics (NASDAQ:OVID), Acorda Therapeutics (OTC:ACORQ), Purdue Pharma, AstraZeneca (NASDAQ:AZN) Pharmaceuticals, and Bristol-Myers Squibb (NYSE:BMY). John H. Johnson, Executive Chairman of Applied Therapeutics, expressed confidence in Dr. Baumgartner’s ability to lead the company’s global regulatory strategies. Dr. Baumgartner is enthusiastic about his new role and is committed to advancing medical breakthroughs for rare diseases, with a focus on govorestat, the company’s lead drug candidate. The company cautions that forward-looking statements involve risks and uncertainties, as detailed in their filings with the U.S. Securities and Exchange Commission.
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