--- title: "Estrella Immunopharma gets Nasdaq deficiency notice on $35,000,000 market" url: "https://aibio.space/news/estrella-immunopharma-gets-nasdaq-deficiency-notice-35-000-000-market/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2025-08-07" section: "Listings" tickers: "NASDAQ:ESLA" source: "https://www.sec.gov/Archives/edgar/data/1844417/000121390025072746/ea0252082-8k_estrella.htm" summary: "Nasdaq told Estrella on August 1, 2025 that its market value of listed securities fell below the $35,000,000 minimum. It has until January 28, 2026 to rega" --- By the aibio.space news desk. Sources - [Estrella Immunopharma, Inc. Form 8-K filed August 7, 2025 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1844417/000121390025072746/ea0252082-8k_estrella.htm) - [Estrella Immunopharma, Inc. Form 10-K filed September 27, 2024: business overview and signatures (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1844417/000121390024082374/ea0212338-10k_estrella.htm) [ESLA](https://aibio.space/companies/estrella-immunopharma/) 2025-08-07 # Estrella Immunopharma gets Nasdaq deficiency notice on $35,000,000 market value requirement Tickers [ESLA](https://aibio.space/companies/estrella-immunopharma/) Nasdaq told Estrella on August 1, 2025 that its market value of listed securities fell below the $35,000,000 minimum. It has until January 28, 2026 to regain compliance, and its annual report for the year ended June 30, 2024 carried a going-concern warning. ## Key facts - **Company**: Estrella Immunopharma, Inc. (NASDAQ: ESLA) - **News type**: Listings - **Primary source**: [Estrella Immunopharma, Inc. Form 8-K filed August 7, 2025 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1844417/000121390025072746/ea0252082-8k_estrella.htm) *Stone columns of a government building. Photo: The Building Envelope, CC0, via StockSnap. The picture shows the field, not the companies named.* Estrella Immunopharma, Inc. (Nasdaq: [ESLA](https://aibio.space/companies/estrella-immunopharma/)) received a Nasdaq deficiency notice on August 1, 2025 saying its listed securities are worth less than the exchange requires. The company disclosed the letter in a [Form 8-K filed August 7, 2025](https://www.sec.gov/Archives/edgar/data/1844417/000121390025072746/ea0252082-8k_estrella.htm) under Item 3.01. The notice has no immediate effect on the listing of the company's securities. It starts a compliance period that runs until January 28, 2026. ## What the notice requires The Listing Qualifications Department of Nasdaq says Estrella is not in compliance with Nasdaq Listing Rule 5550(b)(2), which requires a minimum Market Value of Listed Securities of $35,000,000. The company did not meet that requirement for the 30 consecutive business days before the notice. The notice gives the period of non-compliance as June 13, 2025 to July 31, 2025. The notice also says Estrella does not meet the alternative continued listing requirements under Rules 5550(b)(1) and 5550(b)(3). Those alternatives are the other tests a company can meet instead of the market value test. Under Rule 5810(c)(3)(C), the company has 180 calendar days, or until January 28, 2026, to regain compliance. To do so, its market value of listed securities must close at $35,000,000 or more for at least ten consecutive business days during that period. The 8-K says the company intends to monitor the value and consider available options. It also says there can be no assurance it will regain compliance with the market value requirement or keep meeting other listing standards. ## Going-concern warning The annual report, for the fiscal year ended June 30, 2024, says the company's financial statements express substantial doubt about its ability to continue as a going concern. The report attributes that to its history of recurring losses and to its expectation that negative cash flows from operations will continue until it generates sufficient revenue. Its independent auditor's report carries an explanatory paragraph on the same point. The report says the company will need additional financing to fund future operations, and that its ability to raise that financing is uncertain. The 8-K does not give a current cash balance or a loss figure for a later period. ## The pipeline Estrella was formed in 2022 by Eureka Therapeutics, Inc., which contributed T-cell therapy assets targeting CD19 and CD22 in exchange for 105,000,000 shares of Series AA Preferred Stock and granted an exclusive license to its ARTEMIS platform. Estrella went public through a business combination with TradeUP Acquisition Corp., a blank-check company, completed on September 29, 2023. The annual report describes EB103 as a T-cell therapy built on Eureka's ARTEMIS technology, which the company says uses a cellular mechanism more closely resembling the endogenous T-cell receptor than current CAR-T products. EB103 is in a Phase I/II clinical trial called STARLIGHT-1 that aims to assess safety and determine the recommended Phase II dose in patients with relapsed or refractory B-cell non-Hodgkin lymphomas. The report says that as of September 2024, two patients had been treated in STARLIGHT-1. That is a very small number, and any early results from it would be preliminary. The company also says it is developing EB104, a CD19 and CD22 dual-targeting ARTEMIS T-cell therapy. The annual report says current CAR-T therapies have limitations that may prevent broad adoption, including potentially life-threatening side effects, and that they also destroy healthy B cells that express CD19. Those are the company's own statements about the competing class, and the report does not present comparative data. ## What comes next Estrella's next deadline is January 28, 2026, by which date its market value of listed securities must meet the $35,000,000 level for ten consecutive business days. The company says it will monitor the value and consider its options. The 8-K does not say what those options are, and it cautions that compliance is not assured. Chief Executive Officer Cheng Liu signed the 8-K. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story ESLA Estrella Immunopharma, Inc. 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Cite as: aibio.space, "Estrella Immunopharma gets Nasdaq deficiency notice on $35,000,000 market", 2025-08-07, https://aibio.space/news/estrella-immunopharma-gets-nasdaq-deficiency-notice-35-000-000-market/