aibioNasdaq files removal notice as Nutriband public warrants expire
Tickers NTRB
Nutriband's public warrants expired on September 30 without extension or repricing. Nasdaq filed a Form 25 to remove them. The company said its common stock is not affected.
Key facts
- Company
- Nutriband Inc. (NASDAQ: NTRB)
- News type
- Listings
- Primary source
- Nasdaq 25-NSE
Nasdaq filed a Form 25 notice on September 30, 2026, to strike Nutriband Inc.'s public warrants from listing and registration. The warrants traded as NTRBW and expired that day at 5:00 p.m. Eastern Time under their original terms. Trading in them ended at the close of the market. Nutriband's common stock continues to trade on Nasdaq as NTRB.
What expired
On September 21, 2026, Nutriband announced in a Form 8-K and a press release that the warrants would expire on schedule. The company said it "will not extend the expiration date and will not reprice the warrants." The release gave a strike price of $6.43 per share and said 910,904 warrants were outstanding, which would represent $5,856,112 in potential proceeds if all were exercised at that price. Holders could exercise until the deadline. Warrants left unexercised would be voided.
The 8-K says the expiry happens automatically under the warrant agreement and needs no action from holders. The Form 25 is signed for Nasdaq by Tara Petta, whose title is given as AVP. The filings do not show how many warrants were exercised between the September 21 release and the deadline, so the count of outstanding warrants at expiry is not known from them. The sources also do not give the common stock price on the expiry date, so this story cannot say how far the strike sat from the market.
The business behind the stock
Nutriband describes its primary business as the development of transdermal pharmaceutical products based on its AVERSA abuse-deterrent technology. Its lead product, AVERSA Fentanyl, combines an approved generic fentanyl patch with that technology. The company says the technology could be added to other patches that carry a risk of abuse, including buprenorphine and methylphenidate products, which are in its pipeline.
The fentanyl product is not approved. The 10-K filed April 29, 2026 says the company received final FDA meeting minutes on chemistry, manufacturing and controls and is incorporating that feedback as it moves toward an IND filing for a Human Abuse Potential study. The regulatory path is planned as a 505(b)(2) NDA. The company's partner for the fentanyl product is Kindeva Drug Delivery, a contract manufacturer, under a revised agreement signed February 13, 2025, which the company says formalizes an exclusive development partnership based on shared development costs in exchange for milestone payments.
Two of the company's subsidiaries generate its revenue. Pocono Pharmaceuticals does contract manufacturing for health, wellness and over-the-counter customers, and 4P Therapeutics does contract research and development. The 4P acquisition agreement requires Nutriband to pay the former owner a 6% royalty on revenue from the abuse-deterrent intellectual property acquired with 4P.
The money
For the fiscal year ended January 31, 2026, the company reported revenue of $2.0 million, down from $2.1 million a year earlier. Research and development expense was $1.9 million, compared with $3.1 million. It reported a net loss of $8.2 million, against $10.5 million, and cash used in operations of $5.1 million, against $4.6 million. Year-end cash and cash equivalents were $4.6 million, according to the 10-Q filed September 4, 2026.
At July 31, 2026, cash and cash equivalents were $3.4 million, per the company's quarterly report for that period. The cash used in operations for the whole of the last fiscal year was larger than that July balance. The company's press release lists "risks generally associated with an undercapitalized developing company" among its risk factors. The warrant proceeds the release describes would have been a source of cash, but only for holders who chose to exercise before the deadline.
What comes next
The common stock is unaffected by the warrant expiry, according to the company. The release says Nutriband "will continue to provide updates on Company developments in the coming weeks." The filings do not name a financing plan or a date for the IND filing, and this story does not add one.