aibioPolaryx completes one-for-four reverse stock split ahead of Nasdaq listing
Tickers PLYX
Polaryx's 1-for-4 reverse split took effect on January 12, 2026, ahead of a Nasdaq direct listing that raised no money for the company.
Key facts
- Company
- Polaryx Therapeutics, Inc. (NASDAQ: PLYX)
- News type
- Listings
- Primary source
- PLYX 10-K
Polaryx Therapeutics, Inc. effected a 1-for-4 reverse stock split of its common stock on January 12, 2026. Its board and a majority of the voting power of its stockholders each approved the split on December 23, 2025 under Nevada Revised Statutes 78.2055. The par value of the stock did not change. No fractional shares were issued: each record holder who would have received a fraction was issued the additional fraction needed to round up to a full share, under NRS 78.205(2)(b). The prospectus adjusted all share and per share figures for the split, and its summary describes the split without stating a purpose.
Why the timing matters
The split came three weeks before the listing. In a prospectus dated January 29, 2026, Polaryx registered the resale of up to 47,343,297 shares by existing holders in a direct listing on the Nasdaq Capital Market under the symbol PLYX, with trading to begin on February 2, 2026. The resale was not underwritten on a firm-commitment basis by any investment bank, and Polaryx said it would receive no proceeds from sales. Maxim Group LLC acted as its financial advisor under Nasdaq Rule 4120(c)(8). The annual report says 47,343,297 shares were outstanding as of February 1, 2026.
No public market existed before the listing. Split-adjusted private sales, listed in the prospectus, were 6,242,522 shares at $1.17 in 2024, 1,802,749 shares at $1.78 from July through August 29, 2025, and 471,469 shares at an average of $2.51 from September 2025. The company warned that these prices may have little or no relation to the opening public price.
The company behind the split
Polaryx is a clinical-stage company developing treatments for rare pediatric lysosomal storage disorders. Its most advanced candidate, PLX-200, is gemfibrozil, which the company is reformulating as an oral solution and pursuing through the 505(b)(2) pathway. Gemfibrozil is already approved only as capsules and tablets for adults. The annual report says the company expects to start SOTERIA, a Phase 2 open-label basket trial in CLN2, CLN3, Krabbe disease and Sandhoff disease, in the second half of 2026. It filed an IND in August 2025 and received a safe to proceed letter in October 2025.
SOTERIA is open label. For the CLN2 and CLN3 cohorts the company plans to compare treated patients with natural history data as a control arm. Its evidence so far comes from animal models, which the company calls validated and said closely mimic human disease. Two earlier INDs, authorized on January 17, 2020 and April 6, 2020, allowed potentially single pivotal trials in CLN2 and CLN3. Those trials were delayed by the COVID-19 pandemic and a shift in strategy, and the company does not expect to start them in the near term. PLX-300 is in IND-enabling studies, and PLX-100 and the PLX-400 gene therapy are preclinical. PLX-200 holds three orphan drug designations, which the company notes do not guarantee faster development or approval.
Money and control
Since its founding in August 2014 Polaryx has raised $21.7 million, according to the annual report. Its controlling stockholder is Mstone Partners Healthcare Limited, a Hong Kong-based incubator that provides services under an agreement signed in November 2021. A later quarterly report shows an accumulated deficit of $99,635 thousand and cash of $5,143 thousand at December 31, 2025, with 560,000,000 common shares authorized. The prospectus lists a need for substantial additional capital among its main risks, along with a previously identified material weakness in information technology general controls that it says has been remediated.