Allarity Therapeutics files NT 10-Q, says June 30, 2025 quarterly report will be late

Allarity Therapeutics, Inc. (Nasdaq: ALLR) told the SEC on August 14, 2025 that it cannot file its quarterly report for the period ended June 30, 2025 on time. In a Form NT 10-Q, the company said its certifying auditors have not finished reviewing the quarter's financial statements, and that the review must be done before the 10-Q and its XBRL exhibit can be finalized. Management said it could not finish the filing before the deadline "without unreasonable effort or expense" and reasonably believes it can file within the extension period, which for a quarterly report is five calendar days after the due date.

What the notice says and leaves out

The notice gives no figures. It answers "No" to the question whether any significant change in results of operations from the same period a year earlier is anticipated, and attaches no explanation. It says all other periodic reports for the previous 12 months were filed. Jeff Ervin signed it as chief financial officer and is listed as the contact. The annual report filed in March 2025 said that Alexander Epshinsky had joined as chief financial officer in the second half of 2024. The notice does not explain the difference.

A late filing matters to a small Nasdaq company. Allarity's common stock trades on the Nasdaq Capital Market, and the annual report describes an earlier fight to stay listed. The company was notified that it had not met the $1 minimum bid price under Listing Rule 5550(a)(2), attended a Nasdaq Hearings Panel hearing on July 30, 2024, and won an extension through September 6, 2024 to obtain shareholder approval for a reverse split. Shareholders approved on September 3, 2024, and on October 9, 2024 Nasdaq notified the company it had evidenced compliance.

A history of losses and dilution

For 2024 the annual report shows a net loss of $24,515 thousand, against $11,901 thousand in 2023, and an accumulated deficit of $118,966 thousand. Operating expenses were $27,241 thousand, including $9,703 thousand of impairment of intangible assets, $11,442 thousand of general and administrative expense and $6,096 thousand of research and development. Total liabilities were $10,839 thousand, against stockholders' equity of $11,811 thousand, and total assets were $22,650 thousand. The share count shows the dilution: 7,302,797 shares outstanding at the end of 2024 after reverse stock splits in 2023 and 2024.

Allarity kept selling stock after year-end. Between January 1 and March 25, 2025 it sold 9,719,173 shares through its at-the-market program for net proceeds of 9.7 million, after which no shares remained available under the program. On March 3, 2025 its board authorized a repurchase of up to $5 million of common stock through February 28, 2026.

Legal and regulatory overhang

A purported class action, Osman Mukeljic v. Allarity Therapeutics, Inc., et al, No. 1:24-cv-06952, was filed on September 13, 2024 in the U.S. District Court for the Southern District of New York against the company and certain current and former officers. It alleged false and misleading statements about the regulatory prospects of the Dovitinib NDA. The company announced its dismissal on February 26, 2025. On March 13, 2025 the company announced a final settlement of an SEC investigation, with a one-time civil penalty of $2.5 million.

The business

Allarity calls itself a clinical-stage, precision medicine company developing anti-cancer therapeutics. Its Drug Response Predictor platform is designed to define gene expression signatures that predict a cancer cell's sensitivity to a therapeutic. The company in-licensed Liposomal CisPlatin, Irofulven, dovitinib and stenoparib, a PARP and tankyrase inhibitor, and recorded the impairment of intangible assets in 2024. The annual report says the company has no experience marketing and selling drug products.

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