aibioBone Biologics regains compliance with Nasdaq $1.00 minimum bid price rule
Tickers BBLG
Nasdaq says Bone Biologics has met the $1.00 bid price rule after a 10-day run, but the release gives no share price, and its lead product still needs FDA approval before sale.
Key facts
- Company
- Bone Biologics Corporation (NASDAQ: BBLG)
- News type
- Listings
- Primary source
- Bone Biologics Corporation 8-K (2025-06-26)
Bone Biologics Corporation (Nasdaq: BBLG, BBLGW) said on June 26, 2025 that Nasdaq has notified it that it regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2). The Burlington, Massachusetts company says it now meets all applicable listing standards and that its common stock will continue to be listed on the Nasdaq Capital Market. The announcement is Exhibit 99.1 to a Form 8-K.
The bid price test
Nasdaq notified the company on April 7, 2025 that its common stock had failed to close at $1.00 or more for 30 consecutive business days. To regain compliance, the company had to keep a minimum closing bid price of $1.00 or more for at least 10 consecutive trading days. The release says that requirement was met on June 24, 2025, the 10th consecutive trading day on which the closing bid price was over $1.00.
The release gives no share prices, so the margin above $1.00 cannot be seen. It does not say what drove the rise, whether the stock has stayed above the level, or what the company did between April and June. A bid price test measures the share price alone. The release says nothing about revenue, cash, losses or financing.
The product and its path to market
The annual report filed on February 26, 2025 describes Bone Biologics as a medical device company focused on bone regeneration in spinal fusion, using a recombinant human protein known as NELL-1. The company holds exclusive worldwide rights to the platform under a license from the UCLA Technology Development Group, on behalf of the UC Regents. It calls itself a clinical-stage entity.
The report says FDA guidance indicates that NELL-1 combined with demineralized bone matrix will be classified as a device and drug combination product. That would require an FDA-approved pre-market approval application before commercialization in the United States.
The company says it began a multicenter, prospective, randomized pilot study of its NB1 bone graft device, with up to 30 adult subjects who undergo lumbar fusion for degenerative disc disease. The study is conducted in Australia. The business section says it will evaluate safety, effectiveness and fusion success, but it gives no results. The company says the FDA's Division of Orthopedic Devices agreed the study design in a pre-submission, to support progression to a pivotal clinical trial in the United States. That pivotal trial is described as the next step, not as under way.
The milestones the company lists are laboratory and animal work. They include a small laboratory-scale manufacturing run in Chinese hamster ovary cells, protein dosing and efficacy in sheep models, a completed pivotal animal study and the first-in-man pilot in Australia. The company also says NB1 will be a single-dose vial of freeze-dried NELL-1 sold in a kit with 510(k)-cleared DBM putty made by MTF.
Market and background
The company cites a $3 billion global bone graft substitute market, based on an estimate from Fortune Business Insights. That is a third-party estimate the company uses to frame its opportunity, not a forecast of its own sales. The business section describes the company's spine focus as one of the larger segments of the orthopedic market and says its other applications, in osteoporosis and trauma, rest on the same license.
The company was founded in 2004 as a privately held company by University of California professors, working with an Osaka University professor and a University of Southern California surgeon.
What the record leaves open
The regained listing settles one question for now: the 10th consecutive trading day above $1.00 fell on June 24, 2025. The release does not answer whether the company can fund the pilot and the pivotal trial it describes. The clinical record rests on a pilot of up to 30 patients in Australia, and the next step the company names is a United States pivotal trial it has not yet described as started.