secwatch.observer — SEC 8-K summary
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Issuer:     Protagenic Therapeutics, Inc.new (PTIX)
CIK:        0001022899
Form:       8-K/A
Filed at:   2025-08-28T23:59:59+00:00
Accession:  0001641172-25-025737
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1022899/000164117225025737/0001641172-25-025737-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1022899/000164117225025737/form8-ka.htm
  HTML page:      https://secwatch.observer/filing/0001641172-25-025737

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