Lunai Bioworks gets Nasdaq delisting notice and plans to leave the exchange

Lunai Bioworks Inc. (Nasdaq: LNAI) received a letter from the Nasdaq Listing Qualifications Department on October 21, 2026. The letter says the company no longer complies with Nasdaq Listing Rule 5550(b)(1), which requires minimum stockholders' equity of $2,500,000. The company reported a stockholders' deficit of $9,024,946 in its annual report for the fiscal year ended June 30, 2026. It also does not meet the alternative market value of listed securities or net income standards.

Because Lunai is subject to a mandatory Hearings Panel Monitor under Rule 5815(d)(4)(B), Nasdaq staff determined to delist its securities.

Why Lunai is leaving rather than appealing

Lunai will not request a hearing. Its board of directors approved on October 22, 2026 a voluntary withdrawal of the common stock from listing on Nasdaq, under Rule 12d2-2(c) of the Securities Exchange Act. The board cited the staff determination and the company's financial condition. It concluded that "the cost of continued listing and SEC reporting is not justified."

The company announced the decision in a release dated October 22, 2026, from Sacramento, California. Trading on Nasdaq is expected to be suspended at the opening of business on October 30, 2026. Lunai intends to file a Form 25 with the SEC on or about November 2, 2026, and expects the delisting to take effect on or about November 12, 2026.

What happens after the delisting

Lunai then intends to file a Form 15 to suspend its SEC reporting obligations, to the extent it is eligible. The company says its reporting obligations will continue until they are ended under SEC rules. It does not intend to arrange quotation of its common stock on any over-the-counter market, and it cannot assure that any trading market will exist after the Nasdaq suspension. Shareholders would have no stated market for their shares unless one develops on its own.

The company's chief executive, David Weinstein, is listed as the contact for the announcement.

The business behind the deficit

Lunai describes itself as an AI-driven biotechnology company focused on precision medicine, biomarker discovery and therapeutic development for central nervous system disorders, biodefense and other serious diseases. It works through two subsidiaries, Renovaro Biosciences and BioSymetrics.

Renovaro Biosciences is developing allogeneic cell and gene therapies. Its named programs include RENB-DC11, a genetically modified allogeneic dendritic cell therapeutic vaccine for pancreatic tumors, and RENB-DC20, aimed at triple negative breast cancer. The annual report says that work depends on obtaining the necessary funding, and it describes the allogeneic cell therapy platform as having completed pre-IND and being in the IND-enabling phase. BioSymetrics, acquired on April 8, 2025, is an AI company that integrates genomics, imaging, electronic health records and other real-world evidence.

GEDi Cube B.V., acquired on February 13, 2024, filed for bankruptcy and ceased operations during the quarter ended September 30, 2025. Lunai then deconsolidated it. In May 2026 the company acquired Neurobridge, and the intellectual property from that deal includes the N2B intranasal drug delivery platform.

The numbers

For the fiscal year ended June 30, 2026, Lunai reported a net loss of $3.6 million, revenue of $51,992 and research and development expense of $24,518. Research and development expense was $537,428 a year earlier. Cash used in operations was $5.3 million in fiscal 2026, against $7.9 million in fiscal 2025.

Year-end cash and cash equivalents were $1.7 million at June 30, 2026, up from $92,700 a year earlier. The cash used in operations in fiscal 2026 was larger than that year-end balance. The stockholders' deficit of $9,024,946 is the basis for the Nasdaq letter.

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