What the bad jobs report means for markets
JUPITER, FL – Jupiter Neurosciences , Inc. (NASDAQ:JUNS), a micro-cap pharmaceutical company currently valued at $20.5 million, has announced a change in its independent registered public accounting firm. According to InvestingPro data, the company maintains a Fair financial health rating despite experiencing significant market challenges, with its stock down over 94% year-to-date. The company’s previous auditor, Assurance Dimensions, LLC (AD), resigned effective last Monday, citing a decision to cease its PCAOB registrants practice.
Following AD’s resignation, Jupiter Neurosciences appointed Cherry Bekaert (EBR:BEKB) LLP (CB) as its new auditor, also effective last Monday. The transition was approved by the company’s Audit Committee.
Assurance Dimensions’ audit reports for the fiscal years ending December 31, 2024, and 2023, did not contain any adverse opinions or disclaimers. However, the reports did include a note on the uncertainty regarding Jupiter Neurosciences’ ability to continue as a going concern. InvestingPro data shows the company maintains a healthy current ratio of 2.31 and holds more cash than debt, though it remains unprofitable over the last twelve months.
The company disclosed that there were no disagreements with AD on accounting principles or practices, financial statement disclosure, or auditing scope or procedures during the past two fiscal years and the subsequent interim period up to the date of AD’s resignation. Furthermore, there were no reportable events as defined in the regulations.
Prior to engaging CB, Jupiter Neurosciences had not consulted with the firm on any accounting principles or transactions that would have had a significant impact on the company’s financial reporting.
In compliance with regulatory requirements, Jupiter Neurosciences has provided AD with the disclosures in this report and requested a letter from AD to the Securities and Exchange Commission (SEC) regarding their agreement with the company’s statements. The letter from AD, dated today, has been filed with the SEC as part of the current report.
This announcement is based on a press release statement and aims to provide shareholders with essential information regarding the company’s accounting firm transition. For investors seeking deeper insights, InvestingPro offers 13 additional exclusive tips and comprehensive financial metrics about Jupiter Neurosciences’ performance and outlook. Jupiter Neurosciences, headquartered in Jupiter, Florida, operates under the pharmaceutical preparations industry classification.
In other recent news, Jupiter Neurosciences, Inc. has announced several strategic developments. The company is preparing to launch a Direct-to-Consumer product line in 2025, which aims to generate revenue while ongoing clinical trials continue. Jupiter Neurosciences has partnered with Aquanova AG to develop nutritional products targeting longevity and healthspan, with plans to introduce the first three products in Q3 2025. Additionally, Jupiter Neurosciences has teamed up with Catalent (NYSE:CTLT) Pharma Solutions for the production of JOTROL™ softgel capsules, which will be used in an upcoming Phase 2a clinical trial for Parkinson’s disease. The company is also addressing a potential NASDAQ delisting issue due to non-compliance with the minimum bid price requirement, which it intends to resolve by monitoring its stock price closely. Jupiter Neurosciences has secured $1.76 million in NIH funding, with additional grants under review, and has raised $11 million through an IPO in December 2024. The company is actively pursuing strategic collaborations with renowned institutions and exploring global expansion opportunities. These developments reflect Jupiter Neurosciences’ commitment to advancing its clinical and commercial initiatives while addressing neuroinflammatory diseases and aging-related health solutions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.