ITS publishes a list of companies with a going concern warning as of 23.05.2025

23.05.2025 13:00

The International Trading System Limited (ITS) informs market participants that investments in securities of the following companies may be associated with higher risks of incurring losses, losing value, or lack of a liquid market in case they are delisted by the Recognized Trading Venue.

As shown in the table below, these companies have filed a periodic report where either the company’s management, or the company’s auditor expressed their doubt, or substantial doubt about the company’s ability to continue as a going concern for at least 12 months from the date the financial statement is issued.

Substantial doubt about an entity’s ability to continue as a going concern exists when there’s a risk that the company will be unable to meet its obligations as they become due and might go out of business. In other words, it means that the business faces the risk of a cash crunch or liquidity crisis in the next 12 months. This can be caused by recurring operating losses, negative cash flows, working capital deficiencies or liquidity shortages; defaults on loans or arrearages in dividends; other business risks and operational issues.

For investors a going concern warning may be an early sign of a bankruptcy risk that needs to be evaluated before making any investment decision.

List of companies with a going concern warning as of 23.05.2025

№	Issuer`s Full Name	Identification code	Recognized Trading Venue	Latest report, in which the Going Concern Doubt was expressed
1.	Moleculin Biotech, Inc.	MBRX	The NASDAQ Stock Market LLC	Quarterly report on Form 10-Q for the quarterly period ended March 31, 2025
2.	Harvard Bioscience, Inc.	HBIO	The NASDAQ Stock Market LLC	Quarterly report on Form 10-Q for the quarterly period ended March 31, 2025
3.	Olema Pharmaceuticals, Inc.	OLMA	The NASDAQ Stock Market LLC	Quarterly report on Form 10-Q for the quarterly period ended March 31, 2025
4.	Leap Therapeutics, Inc.	LPTX	The NASDAQ Stock Market LLC	Quarterly report on Form 10-Q for the quarterly period ended March 31, 2025
5.	Intensity Therapeutics, Inc.	INTS	The NASDAQ Stock Market LLC	Quarterly report on Form 10-Q for the quarterly period ended March 31, 2025
6.	Hycroft Mining Holding Corporation	HYMC	The NASDAQ Stock Market LLC	Quarterly report on Form 10-Q for the quarterly period ended March 31, 2025
7.	MetaVia Inc.	MTVA	The NASDAQ Stock Market LLC	Quarterly report on Form 10-Q for the quarterly period ended March 31, 2025
8.	KALA BIO, Inc.	KALA	The NASDAQ Stock Market LLC	Quarterly report on Form 10-Q for the quarterly period ended March 31, 2025
9.	Forward Industries, Inc.	FORD	The NASDAQ Stock Market LLC	Quarterly report on Form 10-Q for the quarterly period ended March 31, 2025
10.	Inozyme Pharma, Inc.	INZY	The NASDAQ Stock Market LLC	Quarterly report on Form 10-Q for the quarterly period ended March 31, 2025
11.	HOOKIPA Pharma Inc.	HOOK	The NASDAQ Stock Market LLC	Quarterly report on Form 10-Q for the quarterly period ended March 31, 2025
12.	Abeona Therapeutics Inc.	ABEO	The NASDAQ Stock Market LLC	Quarterly report on Form 10-Q for the quarterly period ended March 31, 2025
13.	Katapult Holdings, Inc.	KPLT	The NASDAQ Stock Market LLC	Quarterly report on Form 10-Q for the quarterly period ended March 31, 2025
14.	vTv Therapeutics Inc.	VTVT	The NASDAQ Stock Market LLC	Quarterly report on Form 10-Q for the quarterly period ended March 31, 2025
15.	Aterian, Inc.	ATER	The NASDAQ Stock Market LLC	Quarterly report on Form 10-Q for the quarterly period ended March 31, 2025
16.	Alaunos Therapeutics, Inc.	TCRT	The NASDAQ Stock Market LLC	Quarterly report on Form 10-Q for the quarterly period ended March 31, 2025
17.	Soluna Holdings, Inc.	SLNH	The NASDAQ Stock Market LLC	Quarterly report on Form 10-Q for the quarterly period ended March 31, 2025
18.	Rein Therapeutics, Inc.	RNTX	The NASDAQ Stock Market LLC	Quarterly report on Form 10-Q for the quarterly period ended March 31, 2025
19.	Phio Pharmaceuticals Corp.	PHIO	The NASDAQ Stock Market LLC	Quarterly report on Form 10-Q for the quarterly period ended March 31, 2025
20.	Greenwich LifeSciences, Inc.	GLSI	The NASDAQ Stock Market LLC	Quarterly report on Form 10-Q for the quarterly period ended March 31, 2025
21.	Amesite Inc.	AMST	The NASDAQ Stock Market LLC	Quarterly report on Form 10-Q for the quarterly period ended March 31, 2025
22.	Blackboxstocks Inc.	BLBX	The NASDAQ Stock Market LLC	Quarterly report on Form 10-Q for the quarterly period ended March 31, 2025
23.	Fluent, Inc.	FLNT	The NASDAQ Stock Market LLC	Quarterly report on Form 10-Q for the quarterly period ended March 31, 2025
24.	GoHealth, Inc.	GOCO	The NASDAQ Stock Market LLC	Quarterly report on Form 10-Q for the quarterly period ended March 31, 2025
25.	Educational Development Corporation	EDUC	The NASDAQ Stock Market LLC	Annual report on Form 10-K for the fiscal year ended February 28, 2025
26.	Flux Power Holdings, Inc.	FLUX	The NASDAQ Stock Market LLC	Quarterly report on Form 10-Q for the quarterly period ended March 31, 2025

Information regarding possible actions to be taken by ITS

If the Recognized Trading Venue suspends trading in the company’s securities, ITS will prohibit submission of orders and will restrict ability to conclude agreements in respect of the company’s securities. If the company’s securities are delisted from the Recognized Trading Venue, ITS will terminate trading in the company’s securities. However, in case the company’s securities become listed, or admitted to trading on another Recognized Trading Venue, ITS will consider but does not guarantee continuation of trading in the company’s securities.