Protagenic Therapeutics Delays 10-Q Filing Amid Restructuring Due to Accounting and Disclosure Issues

Protagenic Therapeutics has delayed its 10-Q filing due to a restructuring plan approved on August 8, 2025. The delay is expected to be filed by August 19, 2025, within the five-day extension allowed. The company does not anticipate significant changes in its financial results compared to the same period last year.

Protagenic Therapeutics, Inc. has announced a delay in its 10-Q filing, which was initially due on August 15, 2025. The delay is expected to be filed by August 19, 2025, within the five-day extension allowed by the Securities and Exchange Commission (SEC). The company cited a restructuring plan approved on August 8, 2025, as the reason for the delay [1].

The restructuring plan involves transitioning to a virtual operating model and concentrating capital on the company's lead clinical asset, PT00114. The plan aims to reduce annualized operating expenses by approximately $8 million and pause preclinical programs (PHYX-001 through PHYX-005) to pursue partnerships or out-licensing. The company expects the Phase 2 trial for PT00114 to complete in approximately 9 to 12 months, subject to enrollment and customary factors [1].

The restructuring plan also involves the termination of the employment of the CEO and COO, who remain on the Board, and a reduction in headcount primarily tied to preclinical, regulatory, and IP functions. The company expects one-time charges related to the restructuring but cannot yet estimate amounts or timing. Additionally, the company has changed its fiscal year-end to March 31 [1].

The delay in the 10-Q filing is not expected to significantly impact the company's financial results compared to the same period last year. The company remains focused on advancing its lead clinical asset and preserving cash for its Phase 2 trial.

References:
[1] https://www.stocktitan.net/sec-filings/PTIXW/8-k-protagenic-therapeutics-inc-warrant-reports-material-event-b9792aec404c.html