aibioKyntra Bio gets Nasdaq deficiency notice on $50 million total assets and revenue rule
Tickers KYNB
The April 2, 2026 letter cites Listing Rule 5450(b)(3)(A) and revenue of FibroGen International held for sale. Kyntra Bio has 45 days, until May 18, 2026, to submit a plan to regain compliance.
Key facts
- Company
- Kyntra Bio, Inc. (NASDAQ: KYNB)
- News type
- Listings
- Primary source
- KYNTRA BIO, INC. Form 8-K filed April 9, 2026 (SEC EDGAR)
Kyntra Bio, Inc. (Nasdaq: KYNB) said on April 9, 2026 that it received a Nasdaq deficiency notice dated April 2, 2026. The letter from the Nasdaq Listing Qualifications Staff says the company no longer complies with the continued listing requirement of the Nasdaq Global Select Market. The company said it received the notice on April 2, 2026, and disclosed it in a Form 8-K filed April 9, 2026 under Item 3.01, the item for a notice of delisting or failure to satisfy a continued listing rule. The 8-K gives April 2, 2026 as its date of report, the date of the letter, and John Alden, General Counsel, signed the filing on April 9, 2026.
The rule Kyntra Bio no longer meets
Listing Rule 5450(b)(3)(A) requires $50 million in total assets and total revenue for the most recently completed fiscal year, or for two of the last three most recently completed fiscal years. Kyntra Bio attributes the shortfall to the revenue of FibroGen International, which is presented as held for sale, in discontinued operations, in both 2024 and 2025.
The company also says it does not currently meet the alternative requirements of Listing Rule 5450(b), which are either the shareholders' equity standard or the market value of listed securities standard.
What happens next
The 8-K says the notice has no immediate effect on the listing of Kyntra Bio's common stock on Nasdaq, so the shares remain listed while the process runs. The company has 45 days, until May 18, 2026, to submit a plan to regain compliance. If Nasdaq accepts the plan, it may grant an extension of up to 180 days, until September 29, 2026, to evidence compliance.
Under Listing Rule 5810(c)(2)(D), a company may submit a plan that demonstrates current or near-term compliance with the listing requirements relating to stockholders' equity or market value of listed securities. The 8-K lists what Nasdaq will consider in deciding whether to accept a plan. These are the likelihood that the plan will result in compliance, the company's past compliance history, the reasons for the current non-compliance, other corporate events that may occur within the review period, and the company's overall financial condition and public disclosures.
The 8-K also says Kyntra Bio may consider applying to transfer its securities to the Nasdaq Capital Market.
Why the revenue is missing
Kyntra Bio filed its annual report on Form 10-K for the year ended December 31, 2025 on March 16, 2026. The report explains the shortfall. On August 29, 2025, the company closed the sale of its China operations through FibroGen International (Hong Kong) Ltd. to AstraZeneca Treasury Limited under a share purchase agreement entered into on February 20, 2025, as amended. Total consideration was $220.4 million, made up of $85.0 million in enterprise value and $135.4 million in net cash held in China. AstraZeneca AB had been its long-time commercialization partner for roxadustat in greater China. The sale included all of the company's roxadustat assets in China. Kyntra Bio retained the rights to roxadustat in the United States.
The report's risk factors say the company may face costs from the wind-up of its Cayman subsidiary within the next year and may not receive some of the AstraZeneca holdbacks. The notice turns on that accounting presentation: Nasdaq's test uses total assets and total revenue, and the China revenue now sits in discontinued operations.
The company's financial data show how sharply the continuing business has shrunk. Revenue was $6.4 million in 2025 and $29.6 million in 2024. Research and development expense fell to $23.5 million from $95.7 million. The company reported net income of $183.5 million for 2025, against a net loss of $47.6 million in 2024, and income from discontinued operations drove the swing. It used $4.8 million in operations in 2025, compared with $138.0 million in 2024. The 8-K does not say whether the company will file a plan or seek a transfer to the Nasdaq Capital Market.