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Artelo Biosciences , Inc. (NASDAQ:ARTL) announced Friday it has completed a one-for-six reverse stock split of its common stock, effective June 13. The move comes as the stock has shown significant momentum, surging over 180% in the past week and 309% over six months. As a result, each six pre-split shares of common stock were automatically combined into one new share. The number of outstanding common shares was reduced from approximately 3,280,000 to about 546,667. The number of authorized common shares decreased from 50,000,000 to 8,333,333, and authorized preferred shares decreased from 416,667 to 69,444. The par value of common stock remains $0.001 per share.
The company also provided preliminary unaudited financial estimates for the quarter ended June 30, 2025. Cash, cash equivalents, and short-term investments are expected to be $2.1 million as of June 30. Working capital is estimated to be between negative $1.2 million and negative $1.5 million. According to InvestingPro data, the company’s current ratio stands at 0.49, indicating its short-term obligations exceed liquid assets. Get access to over 10 additional financial health metrics and exclusive ProTips with InvestingPro.
Artelo stated that these estimates are based on currently available information and have not been audited, reviewed, compiled, or subjected to procedures by its independent registered public accounting firm.
The company noted that substantial doubt continues to exist regarding its ability to continue as a going concern, referencing its most recent quarterly filing for further information.
This information is based on a company statement included in a filing with the Securities and Exchange Commission.
In other recent news, Artelo Biosciences presented positive preclinical data for its fatty acid binding protein 5 (FABP5) inhibitor, ART26.12, at the International Cannabinoid Research Society Symposium. The drug candidate showed promising results in alleviating osteoarthritis pain, with efficacy comparable to naproxen, a common NSAID, while maintaining effectiveness over a four-week period without developing tolerance. Artelo emphasized that ART26.12 could offer safety advantages over traditional NSAIDs, which are linked to gastrointestinal side effects. Additionally, Artelo’s CBD and TMP cocrystal drug candidate, ART12.11, demonstrated robust antidepressant-like effects in preclinical models, showing efficacy similar to sertraline, a leading antidepressant. The compound also improved cognitive functions, which sertraline did not, suggesting a potential new treatment for depression and anxiety. D. Boral (OTC:BOALY) Capital recently upgraded Artelo Biosciences from Hold to Buy, highlighting the company’s pipeline potential, including the ART26.12 and ART27.13 programs. The upgrade reflects the firm’s optimism about Artelo’s focus on treatments for cachexia and chemotherapy-induced peripheral neuropathy. These developments indicate Artelo Biosciences’ ongoing progress in its research initiatives.
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