aibioPlus Therapeutics (now Cerenome) delays Q1 report over warrant accounting from March PIPE
Tickers CNSY
The company needs more time to finalize accounting for common stock purchase warrants issued in its March 2025 private placement. It expects a warrant liability that will lower stockholders' equity.
Key facts
- Company
- Cerenome, Inc. (NASDAQ: CNSY)
- News type
- Distress
- Primary source
- Cerenome, Inc. NT 10-Q (2025-05-15)
Plus Therapeutics, Inc. (now Cerenome, Inc.) has told the Securities and Exchange Commission that its quarterly report for the quarter ended March 31, 2025 will be late.
The company filed a notification of late filing on Form 12b-25. The report was due on May 15, 2025. A Form 12b-25 gives a company a short grace period when it cannot finish a periodic report on time without unreasonable effort or expense.
Plus said it needs more time to settle the accounting for common stock purchase warrants. The warrants were issued under a securities purchase agreement dated March 4, 2025, which the company calls the March 2025 PIPE Transaction. A PIPE is a private investment in a public company, a sale of securities directly to selected investors.
The company expects to record a liability for those warrants. As a result, it expects total stockholders' equity as of March 31, 2025 to decrease compared with prior periods in its fiscal year ended December 31, 2024.
Plus has not yet finished valuing the warrant liability. It said it cannot yet quantify the liability, the possible effect on its net loss for the quarter ended March 31, 2025, or the decrease in stockholders' equity. The company said it is working to complete the Form 10-Q as soon as possible.