CytomX Therapeutics gets Nasdaq minimum bid price deficiency notice, has until August 25, 2025

CytomX Therapeutics, Inc. (Nasdaq: CTMX) disclosed on February 26, 2025 that it has received a Nasdaq minimum bid price deficiency notice. The company said in a Form 8-K that Nasdaq staff sent the written notice on February 24, 2025. The company has until August 25, 2025 to regain compliance, and the notice has no immediate effect on the listing of its common stock.

What the notice says

The notice comes from the staff of the Listing Qualifications Department of the Nasdaq Stock Market. It says that for the 30 consecutive business day period between January 8, 2025 and February 21, 2025, the company's common stock, $0.00001 par value per share, had not maintained a minimum bid price of $1.00 per share. That price is required for continued listing on the Nasdaq Global Select Market under Nasdaq Listing Rule 5450(a)(1), which the filing calls the Minimum Bid Price Requirement.

A bid price deficiency means the stock's bid price stayed below the $1.00 minimum that Nasdaq requires for continued listing, here for 30 consecutive business days.

The 180-day compliance period

Under Nasdaq Listing Rule 5810(c)(3)(A), which the filing calls the Compliance Period Rule, CytomX has 180 calendar days to regain compliance. The filing sets that Compliance Date at August 25, 2025. To regain compliance, the closing bid price of the common stock must be at least $1.00 per share for a minimum of ten consecutive business days before the Compliance Date.

If CytomX does not regain compliance

The filing describes a possible second period. If the company does not regain compliance by August 25, 2025, it may be eligible for an additional 180 calendar day compliance period. To qualify, CytomX would have to transfer its listing to the Nasdaq Capital Market. It would also have to meet the continued listing requirement for the market value of publicly held shares and all other applicable initial listing standards for the Nasdaq Capital Market, with the exception of the Minimum Bid Price Requirement. It would also need to give Nasdaq written notice of its intention to cure the deficiency during the additional 180-day compliance period.

As part of its review, the Nasdaq staff will decide whether it believes the company can cure the deficiency. If the staff concludes that CytomX cannot cure it, or that the company does not meet the other listing standards, the staff will send written notice that the common stock will be subject to delisting. At that point the company may appeal the staff's delisting determination to a Nasdaq Hearing Panel. The filing states: "There can be no assurance that, if the Company receives a delisting notice and appeals the delisting determination by the Staff to the Hearing Panel, such appeal would be successful."

What the company says it will do

CytomX says it intends to monitor the bid price of its common stock. It also intends to take steps to increase the value of its bid price through implementation of its business strategy and to consider its other options for regaining compliance with the Minimum Bid Price Requirement. The company adds that it may not regain compliance.

About the company and the filing

CytomX develops product candidates and therapeutics using what it calls its PROBODY conditionally activated platform technology, according to the forward-looking statements section of its annual report on Form 10-K. That annual report excerpt also refers to the company's clinical trials, research and development programs and preclinical studies.

Lloyd Rowland, Senior Vice President, General Counsel, signed the Form 8-K on behalf of CytomX on February 26, 2025. The Nasdaq Stock Market, through the staff of its Listing Qualifications Department, issued the notice.

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