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Gritstone bio, Inc., a biotechnology firm specializing in biological products, has filed its monthly operating report for December 2024 with the U.S. Bankruptcy Court for the District of Delaware, as disclosed in a recent 8-K filing with the Securities and Exchange Commission (SEC). According to InvestingPro data, the company’s market capitalization has shrunk to just $0.15M, with an EBITDA of -$129.23M in the last twelve months.
The report, dated February 14, 2025, comes after the company’s voluntary petition for relief under chapter 11 of the U.S. Bankruptcy Code, filed on October 10, 2024. InvestingPro analysis reveals the company operates with a significant debt burden of $102.49, though it maintains a current ratio of 2.54, indicating sufficient liquid assets to cover short-term obligations. Gritstone bio, previously known as Gritstone Oncology (OTC:GRTSQ), Inc., has its principal executive offices in Emeryville, California.
The filing indicates that the monthly operating report (MOR) is not audited or reviewed by independent accountants, was not prepared in accordance with generally accepted accounting principles in the United States, and is subject to future adjustment and reconciliation. The company cautions that the MOR should not be used as the basis for an investment decision and is not indicative of future results.
Gritstone bio’s common stock, which was suspended from trading on the Nasdaq Global Select Market on October 22, 2024, currently trades on the OTC Pink Marketplace under the symbol GRTSQ. The company warns that trading in its common stock is highly speculative and poses substantial risks, as trading prices may not reflect the actual recovery, if any, in the Chapter 11 case.
The 8-K filing also contains forward-looking statements regarding the potential outcomes of the Chapter 11 case and its effects on the company’s business prospects, financial results, and operations. Gritstone bio advises that these statements are based on current expectations and are subject to various risks and uncertainties.
The company’s filings with the SEC, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, provide more detailed information on factors that may affect its future business prospects and operations.
This news is based on a press release statement and the information provided is intended for general informational purposes only.
In other recent news, Gritstone bio, Inc. has completed the sale of a majority of its assets to Seattle Project Corp. for $21.25 million in cash, following its voluntary Chapter 11 bankruptcy filing. This transaction was authorized by the bankruptcy court and finalized on Monday. The asset sale excludes certain machinery, equipment, and intellectual property. In the auction process, Hercules Capital (NYSE:HTGC), Inc. and Future Solutions Investments LLC emerged as successful credit bidders for other specific assets. Gritstone bio has also filed its monthly operating report with the U.S. Bankruptcy Court, detailing financials for the period ending October 31, 2024, as part of its ongoing bankruptcy proceedings. The company has warned investors that trading in its common stock during the Chapter 11 process is highly speculative and risky. Several key executives, including President and CEO Andrew Allen, have resigned following the asset sale, with Vassiliki "Celia" Economides stepping in as interim CEO.
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