Onconetix sets a 1-for-10 reverse stock split for November 6

Onconetix, Inc. (Nasdaq: ONCO) said on October 26, 2026 that its board approved a one-for-ten reverse stock split of its common stock. The split is expected to take effect at 12:01 a.m. Eastern Time on November 6, 2026. The company said the stock will keep trading on Nasdaq under the symbol ONCO, under a new CUSIP number, 68237Q500.

What changes for holders

The company says the split will reduce the outstanding shares from about 5,886,774 as of October 21, 2026 to about 588,677, before adjustments for fractional shares. Every ten shares will be exchanged automatically for one share. No fractional shares will be issued. Holders who would otherwise receive a fraction will get cash instead.

The authorized share count stays at 250,000,000, and the par value stays at $0.00001. The split applies to all holders at once, and the company says it does not change any holder's percentage ownership, apart from the cash paid for fractions. The exercise or conversion prices of outstanding options, warrants and convertible securities, and the number of shares issuable under them, will be adjusted in proportion.

Why the company is doing it

The release does not give a reason for the split. It does not say whether Onconetix has received a Nasdaq notice about its share price or its stockholders' equity, and it does not say how the company expects the split to affect its listing status beyond keeping the same symbol.

The company's financial record explains some of the pressure. Its 2025 annual report, filed March 13, 2026, shows revenue of $815,371 for 2025, down from $2.5 million in 2024. The net loss was $14.0 million in 2025, against $58.7 million in 2024. Cash used in operations was $9.7 million in 2025, compared with $10.5 million in 2024. Cash and cash equivalents were $5.9 million at June 30, 2026, according to the quarterly report filed August 13, 2026.\n\nThe 10-K says that at December 31, 2025 the company had cash of approximately $5.2 million, a working capital deficit of approximately $3.1 million and an accumulated deficit of approximately $131.2 million. As of March 11, 2026, its cash balance was approximately $3.6 million. The company wrote that its current cash balance is not sufficient to fund operations for one year from the date of issuance of the financial statements, and that the Series D and Series E PIPE financings of September and October 2025 provided additional cash for near-term operations.

The product line

The same 10-K says the company abandoned commercialization of ENTADFI, its benign prostatic hyperplasia pill, as of December 31, 2025, and that it no longer holds inventory of the product. It cites the time and resources needed to keep pursuing ENTADFI, together with the company's cash runway and indebtedness. The assets for ENTADFI were fully impaired at June 30, 2024.

The company now says it is focusing on Proclarix, a blood test for prostate cancer that is approved for sale in the European Union and that it expects to market in the United States as a lab developed test through a license with Labcorp. The October 26 release describes Onconetix as a commercial-stage company focused on oncology.

What the release leaves out

The release does not state the cash balance as of the date of the announcement, the number of shares that would be issued under the company's equity plans, or any plans to raise money after the split. It gives no date for when the company expects to regain any listing standard, and it does not say whether the split is conditioned on any approval beyond the board's.

A reverse split is often used to meet a Nasdaq bid price requirement, but the release does not say that is the purpose here. Cash of $5.9 million at June 30 compares with 2025 operating cash use of $9.7 million, and revenue fell in 2025.

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