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Bio-Path Holdings, Inc. (NASDAQ:BPTH), whose stock has plummeted 91% over the past year and currently trades at $0.19, reported a series of executive and board resignations, along with a company-wide operational pause, according to a press release statement filed with the Securities and Exchange Commission. According to InvestingPro, the company’s overall financial health score is rated as WEAK.
On Friday, Peter H. Nielsen notified the board of his resignation from multiple roles, including President, Chief Executive Officer, Chief Financial Officer, Treasurer, Principal Accounting Officer, Chairman of the Board, and as a member of the board and all board committees. The company also received resignations from board members Heath Cleaver on Friday and Aline Sherwood on Saturday. Both Cleaver and Sherwood indicated their resignations were not due to disagreements with the company or its board.
On Sunday, the board appointed Douglas P. Morris as Chairman of the Board. The company stated that there were no changes to Mr. Morris’s compensatory arrangements in connection with his new appointment.
Bio-Path Holdings also announced a company-wide operational pause to conserve capital. Most employees have been furloughed and most operations have been paused until further notice as the company continues to seek financing or additional capital. With a concerning current ratio of 0.45 and negative EBITDA of $11.51M in the last twelve months, the board is currently evaluating next steps in light of limited capital resources, the operational pause, and the recent resignations.
As previously disclosed in company filings, Bio-Path Holdings stated that if it is unable to secure financing or raise additional capital, it may need to further delay, reduce, or eliminate drug development programs, license or dispose of certain rights to its technologies or products, or consider liquidation and dissolution. With negative free cash flow of $10.85M, the company noted that there can be no assurance it will be able to raise additional capital when needed or on favorable terms. For deeper insights into BPTH’s financial health and detailed analysis, access the comprehensive Pro Research Report available on InvestingPro.
All information is based on a press release statement filed with the SEC.
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