Protagenic restructures after Phytanix acquisition; CEO/COO out, targets $8M savings

Protagenic Therapeutics, Inc.new

Acquired Phytanix Bio on May 15, 2025 via share exchange; gained five preclinical candidates (PHYX-001 to -005).
On Aug 8, Board approved restructuring: suspended preclinical programs, terminated CEO Barrett Evans and COO Colin Stott.
Restructuring expected to cut annual operating expenses by ~$8M; focus on Phase 2 trial of PT00114.
Changed auditor from MaloneBailey to GreenGrowth CPAs; fiscal year changed from Dec 31 to March 31, effective Aug 7, 2025.
Historical Phytanix loss from ops $2.6M for year ended Mar 31, 2025; cash used in ops $1.8M; ~$1M ATM capacity remains.

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