TREVENA INC: Nasdaq/NYSE listing notice — Trevena Q1 net loss $7.7M ($0.36/sh); Nasdaq extends compliance deadline to Aug 28

TREVENA INC

Net loss $7.7M ($0.36/sh) in Q1 2024; cash and equivalents $23.6M as of March 31, 2024.
Nasdaq panel granted extension until Aug 28, 2024 to regain compliance with bid price and equity requirements; delisting stay in effect.
TRV045 Phase 1 PK study with optimized formulation ongoing; data expected 2H 2024; favorable tolerability profile maintained.
Cost reductions of $3.5-4.0M annualized from ~35% workforce reduction since year-end 2023.
OLINVYK strategic review ongoing; exploring sale, license, divestiture, or discontinuation of U.S. commercial sales.

item 2.02 item 3.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

TREVENA INC reported the first quarter ended March 31, 2024 results: net income $7.7 million, EPS $0.36 per share.

Period: the first quarter ended March 31, 2024
Net income: $7.7 million
EPS: $0.36 per share
Result: reported results

Exact text from the filing

For the first quarter of 2024, the Company reported a net loss attributable to common stockholders of $7.7 million, or $0.36 per share, compared to $7.8 million, or $0.81 per share in the first quarter of 2023.

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Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.95

TREVENA INC received a nasdaq deficiency notice notice regarding stockholders equity (rules 5550(b)(1)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: stockholders equity
Rules: 5550(b)(1)

Exact text from the filing

and requested a hearing before a Nasdaq Hearings Panel (the “Panel”). The hearing took place on May 2, 2024 (the “Appeal Hearing”). On April 5, 2024, the Company received an additional letter from Nasdaq notifying it that the Company no longer complied with the requirement under Nasdaq Listing Rule 5550(b)(1) to maintain a minimum of $2.5 million in stockholders’ equity for continued listing on the Nasdaq Capital Market (the “Equity Standard Requirement”). At the Appeal Hearing, the Company presented its plan to regain and maintain compliance with both the Minimum Bid Price Requirement and the

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Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.95

TREVENA INC received a nasdaq deficiency notice notice regarding minimum bid price (rules 5550(a)(2)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: minimum bid price
Rules: 5550(a)(2)

Exact text from the filing

March 6, 2024, the Company received a letter from Nasdaq stating that, for the last 30 consecutive business days, the bid price for the Company’s common stock had closed below the minimum $1.00 per share required for continued inclusion on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”) and that the Company was not eligible for a second 180-day extension period because it did not comply with the $5,000,000 minimum stockholders’ equity initial listing requirement for The Nasdaq Capital Market. As permitted under Nasdaq rules, the Company appe

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Source: SEC EDGAR

accession 0001104659-24-061566

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