Windtree Therapeutics Stock Delisted from Nasdaq Following 77% Crash Amid BNB Treasury Strategy Controversy

Windtree Therapeutics is being delisted from Nasdaq after a 77% crash in share price. The company's market cap is now $3.152 million and it will transition to the OTC market. Windtree had announced a BNB Treasury strategy, causing a spike in trading volume and a subsequent decline. The company remains clinical-stage with several pre-commercial programs, but has reported significant losses.

Windtree Therapeutics Inc. (WINT) has faced a significant setback as Nasdaq has decided to delist the company's common stock due to noncompliance with Nasdaq Listing Rule 5550(a)(2). The rule mandates a minimum bid price of $1 per share, which Windtree has failed to maintain [1].

On August 19, 2025, Nasdaq informed Windtree of its decision, and trading will be suspended on August 21, 2025. The company expects its stock to trade publicly on the over-the-counter market under the symbol "WINT." The transition to the OTC Markets will not affect the company's business or operations, and it will continue to file required reports with the SEC [1].

Windtree's stock has experienced a severe decline, plummeting 77% on August 20, 2025, and continuing to drop in after-hours trading. The stock closed at $0.0942, a significant drop from its previous price [2]. The delisting decision stems from prolonged price weakness and a failure to regain compliance. Windtree had already warned it could not rectify the issue by Nasdaq's deadline [2].

The company's BNB Treasury strategy, adopted in July 2025, has drawn widespread attention and concern. This move mirrored cryptocurrency reserve strategies seen in tech companies, not typically in biotech. Following the announcement, the stock experienced an immediate and sharp drop, further eroding investor confidence [2].

Windtree's financials have been under scrutiny. The company reported significant losses and no revenue in its second quarter 2025 Form 10-Q report. Operating expenses decreased from $11,452 thousand in 2024 to $3,984 thousand in 2025, indicating cost reduction efforts. However, the company still reported a net loss of $10,631 thousand for the second quarter of 2025 [3].

Despite the challenges, Windtree remains committed to its clinical-stage programs and strategic business developments. The company aims to transition to the OTCQB tier, which may provide lower liquidity and visibility compared to major exchanges. Whether Windtree can recover or regain listing remains unclear as scrutiny intensifies [2].

References:

[1] https://www.tipranks.com/news/company-announcements/windtree-therapeutics-faces-nasdaq-delisting-notice
[2] https://coincentral.com/windtree-therapeutics-inc-wint-stock-plunges-85-as-delisting-shock-and-bnb-strategy-raise-investor-eyebrows/
[3] https://www.tradingview.com/news/tradingview:49860badc8dca:0-windtree-therapeutics-inc-de-sec-10-q-report/