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Iterum Therapeutics plc (NASDAQ:ITRM), a pharmaceutical company with a market capitalization of approximately $48 million, announced on Monday the appointment of Joseph J. Whalen as a new member of its Board of Directors and committees. The decision, effective today, follows the recent resignation of former Chairman Ronald M. Hunt. According to InvestingPro data, the company’s stock has shown significant volatility, with a 45% gain over the past six months despite a 22% decline year-to-date.
Joseph Whalen brings over three decades of financial and business development expertise in the biopharmaceutical sector to Iterum’s Board. His experience includes significant roles at Horizon Therapeutics (NASDAQ:HZNP), Baxter (NYSE:BAX) Healthcare Corporation, and Searle Pharmaceuticals.
Whalen will serve as a Class III director until the 2027 annual general meeting of shareholders. In addition to his board role, he joins the audit and compensation committees. His compensation aligns with the company’s policy for non-employee directors, which includes annual cash retainers for his board and committee services, as well as reimbursement for related expenses. This appointment comes at a crucial time, as InvestingPro analysis indicates the company faces financial challenges with an EBITDA of -$18.4 million in the last twelve months.
The company also announced the appointment of existing director David Kelly as the new Chairman of the Board, effective today. This appointment comes after the resignation of Ronald M. Hunt on February 14, 2025.
Iterum Therapeutics has informed Nasdaq that with Whalen’s appointment, the company’s Audit Committee now consists of three independent members, fulfilling the Nasdaq Listing Rule 5605(c)(2)(A) requirement for audit committee composition.
The company’s recent moves are detailed in a Form 8-K filed with the SEC. Whalen’s appointment is expected to be formalized through the company’s standard indemnification agreements, ensuring compliance with regulatory requirements. There are no reported material relationships or transactions involving Whalen that would necessitate disclosure under SEC regulations.
This reshuffle in the boardroom comes as Iterum Therapeutics continues to navigate the competitive pharmaceutical landscape, with the company’s leadership aiming to bolster its governance and strategic oversight. InvestingPro data reveals the company’s current financial health score is weak at 1.6, with negative free cash flow of -$26.8 million in the last twelve months. For deeper insights into Iterum’s financial position and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers, along with 7 additional key ProTips about the company’s performance.
In other recent news, Iterum Therapeutics reported its fourth-quarter 2024 financial results, revealing a narrower-than-expected loss. The company posted an actual EPS of -0.12, beating the forecasted EPS of -0.22. This positive outcome reflects Iterum’s effective cost management and strategic focus, as the net loss of $6.6 million for the quarter was a reduction from previous periods. Total (EPA:TTEF) operating expenses for Q4 2024 were $3.7 million, significantly down from $11.4 million in Q4 2023. The company also reported cash and cash equivalents of $24.1 million as of December 2024. In addition to its financial results, Iterum Therapeutics faces a regulatory compliance issue with the Nasdaq Stock Market due to the resignation of Ronald Hunt from the Board of Directors. This resignation leaves a vacancy in the audit committee, which the company must address to maintain its Nasdaq listing. Meanwhile, the FDA approval of Orlynypa, its new oral antibiotic, positions Iterum uniquely in the market for uncomplicated urinary tract infections.
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