aibioProtagenic Therapeutics delays 10-Q after approving move to virtual model
Tickers PTIX
Protagenic Therapeutics said on August 14, 2025 that it cannot file its June quarter report on time, because its board approved a restructuring to a virtual operating model on August 8. The company expects to file by August 19, 2025, and the notice gives no cost or cash estimate for the restructuring.
Key facts
- Company
- Protagenic Therapeutics, Inc. (OTC: PTIX)
- News type
- Distress
- Primary source
- Protagenic Therapeutics, Inc. NT 10-Q (2025-08-14)
The late-filing notice
Protagenic Therapeutics, Inc. (PTIX) filed a Form 12b-25 notification of late filing on August 14, 2025, for its quarterly report on Form 10-Q for the period ended June 30, 2025. The notice is signed by Alexander K. Arrow, MD, the chief financial officer, whose telephone number is given as the contact for the notice. The filer lists its former name as Atrinsic, Inc. and its address as 149 Fifth Ave, Suite 500, New York.
The company says it cannot file the report by the prescribed due date without unreasonable effort or expense. It relies on Rule 12b-25(b), which gives a five-day grace period, and says the report will be filed on or before August 19, 2025.
The restructuring
The reason is a restructuring. Protagenic says that on August 8, 2025, its board approved a restructuring plan to transition to a virtual operating model and to exit or modify certain obligations. The notice does not say which obligations, how many people are affected, or what the plan will cost.
Management says it is finalizing three pieces of work before the report can be filed. The first is measuring and recording exit and disposal costs, such as severance and contract terminations, and deciding when they should be recognized under U.S. GAAP. The second is classifying and presenting the restructuring charges and related operating expenses. The third is updating the subsequent events, liquidity and capital resources, and related risk disclosures to reflect the plan and its expected cash flow impacts.
The company says these procedures are being completed with oversight from its Audit Committee and in consultation with external advisers. The notice does not name those advisers.
What the company says about the numbers
Part IV of the notice asks whether a significant change in results is expected for the quarter. Protagenic answers that it does not anticipate one compared with the same period a year earlier. The notice gives no figures to support that answer, and it does not give the company's cash balance, net loss or the amount of any restructuring charge.
The pipeline before the restructuring
The company's annual report on Form 10-K, filed in March 2025, described Protagenic as a biopharmaceutical company developing therapeutics for stress-related neuropsychiatric and mood disorders. Its lead compound is PT00114, a synthetic form of Teneurin Carboxy-terminal Associated Peptide, which the company says is an endogenous brain signaling peptide that can dampen overactive stress responses. The company says it holds exclusive worldwide rights to PT00114 under a license from the University of Toronto.
The 10-K said the company's preclinical models showed efficacy in animal models of depression, anxiety, substance abuse and addiction, and PTSD. It said the first human trial began on September 26, 2023, and that the complete results of the single-dose portion of the Phase I trial were announced on May 22, 2024.
Timelines the company set earlier
The same 10-K said the company expected to announce complete results of the multiple-dose portion of the Phase I trial in the second quarter of 2025. It also said it expected to announce its first set of Phase II efficacy results in the first quarter of 2026. The company listed plans to advance PT00114 in treatment-resistant depression, substance use disorder, generalized anxiety disorder and post-traumatic stress disorder.
The August notice does not mention either timeline or say whether the restructuring will change the clinical schedule.
What comes next
The company must file the June quarter report on or before August 19, 2025. The filing will need to show the restructuring costs, the cash flow effect of the plan and the updated liquidity position. Until then, the notice gives no cash or cost figures for the virtual model, and no timetable for the obligations the plan would exit or modify.