Announcement • Nov 12
Finch Therapeutics Files Form 15 Finch Therapeutics Group, Inc. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its Common Stock under the Securities Exchange Act of 1934, as amended. The par value of the company's Common Stock was $0.001 per share. Announcement • Oct 21
Finch Therapeutics to Delist Its Common Stock from the Nasdaq Global Select Market on or About October 31, 2024 and Announces SEC Deregistration Finch Therapeutics Group, Inc. (‘Finch’ or the ‘Company’) announced that it has provided notification to The Nasdaq Stock Market, LLC (‘Nasdaq’) of its intent to delist the Company’s common stock, par value $0.001 per share (the ‘Common Stock’), from the Nasdaq Global Select Market. Finch expects to file a Form 25 (Notification of Removal from Listing) with the Securities and Exchange Commission (the ‘SEC’) and Nasdaq relating to the delisting of its Common Stock on or about October 31, 2024. The removal of the Common Stock from Nasdaq will be effective 10 days after the filing of the Form 25. As previously disclosed, the Common Stock has been trading on a market operated by the OTC Markets Group Inc. (the ‘OTC’) since suspended from trading on Nasdaq on May 28, 2024 in light of Nasdaq's ‘public shell’ determination. Following the delisting, the Company expects that the Common Stock will continue to be traded on a market operated by the OTC. No assurances can be provided, however, that trading of the Common Stock on the OTC will be maintained. The withdrawal of the Common Stock from listing and registration is being undertaken following a determination by the Company’s Board of Directors (the ‘Board’) that such delisting and deregistration is in the best interest of the Company and the holders of its Common Stock. The Board’s decision was based on careful review of numerous factors, including the potential for limiting the significant costs associated with preparing and filing periodic reports with the SEC and the legal, audit and other expenses associated with being a reporting company, as well as the substantial costs and demands on management’s time under the Sarbanes-Oxley Act of 2002, SEC rules and Nasdaq listing standards. The Company has previously received notice from the Listing Qualifications Department of Nasdaq of certain failures to comply with Nasdaq’s requirements for continued listing, including a determination letter, dated February 16, 2024, informing the Company of Nasdaq’s belief that the Company is a ‘public shell’ under the Nasdaq criteria and a deficiency letter, dated November 15, 2023, notifying the Company that, for the previous 35 consecutive business days, it did not meet the requirement to have a market value of publicly held shares of the Company’s Common Stock of at least $5.0 million pursuant to Nasdaq Listing Rule 5450(b)(1)(C). In addition, on March 28, 2024, the Company notified the Nasdaq that, as a result of the resignation of Susan Graf from the Board and Audit Committee, each effective as of March 26, 2024, the Company did not meet the requirements of Nasdaq Listing Rule 5605(c)(2), which requires that the Company’s audit committee be comprised of three (3) independent directors. Announcement • May 29
Finch Therapeutics Group, Inc.(OTCPK:FNCH) dropped from NASDAQ Composite Index Finch Therapeutics Group, Inc. has been removed from NASDAQ Composite Index . Announcement • May 25
Finch Therapeutics Group Receives the Delisting Letter from the Office of the General Counsel of Nasdaq Notifying the Listing Panel Determines to Delist the Company from Nasdaq As previously disclosed, on February 16, 2024, Finch Therapeutics Group, Inc. was notified by the Listing Qualifications Department of The Nasdaq Stock Market LLC that, based on the Staff’s review of the Company and pursuant to Listing Rule 5101, the Staff believed that the Company no longer had an operating business and was a “public shell” and that the continued listing of its securities was no longer warranted. The Company appealed the Staff’s determination with respect to its public shell status by requesting a hearing before a Nasdaq Listing Qualifications Panel (the “Listing Panel”), which hearing took place on April 23, 2024. On May 23, 2024, the Company received a letter (the “Delisting Letter”) from the Office of the General Counsel of Nasdaq notifying the Company that the Listing Panel had determined to delist the Company from Nasdaq. Accordingly, trading of the Company’s common stock will be suspended at the opening of trading on May 28, 2024 and, no sooner than 45 calendar days following the date of the Delisting Letter, Nasdaq will file a Form 25-NSE with the Securities and Exchange Commission, which will remove the Company’s common stock from listing and registration on the Nasdaq Global Select Market. As a result, the Company’s common stock is expected to begin trading on the over-the-counter (“OTC”) market. No assurances can be provided, however, that trading of the Company’s common stock on the OTC will commence promptly, or at all, or will be maintained. Announcement • May 18
Nasdaq Listing Qualifications Department Issues an Additional Staff Determination to Finch Therapeutics Group for Continued Non-Compliance with the Market Value of Publicly Held Shares Rule As previously disclosed, on November 15, 2023, Finch Therapeutics Group, Inc. (the ‘Company’) received a deficiency letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (‘Nasdaq’) notifying the Company that, for the last 35 consecutive business days, it did not meet the requirement to have a market value of publicly held shares of the Company’s common stock, par value $0.001 per share (the ‘Common Stock’), of at least $5.0 million pursuant to Nasdaq Listing Rule 5450(b)(1)(C) (the ‘MVPHS Rule’). In accordance with Nasdaq Listing Rule 5810(c)(3)(D), the Company was provided a period of 180 calendar days, or until May 13, 2024 (the ‘Compliance Deadline’), to regain compliance with the MVPHS Rule. The Company did not regain compliance with the MVPHS Rule prior to the Compliance Deadline and on May 14, 2024, the Nasdaq Listing Qualifications Department issued an Additional Staff Determination that the Company’s continued noncompliance with the MVPHS Rule serves as an additional basis for delisting the Common Stock from The Nasdaq Global Select Market. Also as previously disclosed, the Company previously received a determination letter from the Nasdaq Listing Qualifications Department informing the Company of Nasdaq’s belief that the Company is a ‘public shell’ under the Nasdaq criteria. The Company appealed the Nasdaq Listing Qualifications Department’s determination with respect to its public shell status by requesting a hearing before a Nasdaq Listing Qualifications Panel (the ‘Listing Panel’), which hearing took place on April 23, 2024. The Company expects a decision from the Listing Panel within or up to 30 days of the hearing. The Additional Staff Determination served as a formal notification that, in addition to considering the Company’s appeal of the Nasdaq Listing Qualifications Department’s determination with respect to the Company’s public shell status, the Listing Panel would consider the Company’s continued noncompliance with the MVPHS Rule in its decision regarding the Company’s continued listing on The Nasdaq Global Select Market. In response, on May 15, 2024, the Company submitted a request to the Listing Panel for the transfer of the listing of the Common Stock to The Nasdaq Capital Market. The Company’s appeal of the delisting determination may not be successful and the Company’s request for the transfer of the listing of its Common Stock to The Nasdaq Capital Market may not be granted. Even if the appeal is successful and the Company’s request for the transfer of the Common Stock to The Nasdaq Capital Market is granted, there can be no assurance that the Company will be able to maintain compliance with all applicable listing criteria. Announcement • Apr 03
Finch Therapeutics Receives Notice from Nasdaq Regarding Non-Compliance with the Requirements of Nasdaq Listing Rule 5605(c)(2) As previously disclosed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2023, on March 22, 2024, Susan Graf resigned from the Board of Directors of Finch Therapeutics Group, Inc. (the ‘Company’), effective as of March 26, 2024. Ms. Graf was a member of the Company’s audit committee, and, as a result of her resignation, the Company’s audit committee consists of only two (2) members, both of whom meet the criteria for committee membership prescribed in Nasdaq Listing Rule 5605(c)(2). Nasdaq Listing Rules require the Company’s audit committee to be comprised of three (3) independent directors. On March 28, 2024, in accordance with Nasdaq Listing Rules, the Company notified the Nasdaq Stock Market of Ms. Graf’s resignation and the resulting non-compliance with the audit committee composition requirements. On April 2, 2024, the Company received a notice from Nasdaq acknowledging the fact that the Company does not meet the requirements of such rules. In accordance with Nasdaq Listing Rule 5605(c)(4) and the Nasdaq notice, to regain compliance with the Nasdaq Listing Rules, the Company has until the earlier of March 26, 2025 or its next annual stockholders meeting (or, if the next annual stockholders meeting is held before September 23, 2024, until September 23, 2024) to regain compliance with the Nasdaq Listing Rules related to audit committee composition. Announcement • Feb 26
The Nasdaq Stock Market LLC Notifies Finch Therapeutics Regarding Company’s Status as 'Public Shell' On February 16, 2024, Finch Therapeutics Group, Inc. (the ‘Company’) was notified by the Listing Qualifications Department (the ‘Staff’) of The Nasdaq Stock Market LLC (‘Nasdaq’) that, based on the Staff’s review of the Company and pursuant to Listing Rule 5101, the Staff believes that the Company no longer has an operating business and is a ‘public shell’ and that the continued listing of its securities is no longer warranted. The Company disagrees with Nasdaq’s determination regarding the Company’s status as a ‘public shell’ and, accordingly, has requested an appeal hearing. The hearing request automatically stays any suspension or delisting action pending the hearing and the expiration of any additional extension period that may be granted by the Nasdaq panel pursuant to the hearing. There can be no assurance that the Company’s appeal of the delisting determination will be successful or that, if successful, the Company will be able to maintain compliance with all applicable listing criteria. Announcement • Nov 18
Finch Therapeutics Group Receives Non-Compliance Notice from Nasdaq On November 15, 2023, Finch Therapeutics Group, Inc. (the “Company”) received a deficiency letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, for the last 35 consecutive business days, it did not meet the requirement to have a market value of publicly held shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), of $5.0 million pursuant to Nasdaq Listing Rule 5450(b)(1)(C) (the “MVPHS Rule”). The deficiency letter has no immediate effect on the listing of the Common Stock on the Nasdaq Global Select Market. In accordance with Nasdaq Listing Rule 5810(c)(3)(D), the Company has been provided a period of 180 calendar days, or until May 13, 2024, to regain compliance with the MVPHS Rule. To regain compliance, the market value of the Company’s publicly held shares must meet or exceed $5.0 million for a minimum of 10 consecutive business days prior to May 13, 2024, unless Nasdaq exercises its discretion to extend this period pursuant to Nasdaq Listing Rule 5810(c)(3)(H). There can be no assurance that the Company will be able to regain compliance or that the Company will be able to maintain its Nasdaq listing. If the Company does not regain compliance within the compliance period, Nasdaq will provide written notification to the Company that the Common Stock will be subject to delisting. The Company intends to monitor the trading activity of its Common Stock and will consider the various options available to the Company if its Common Stock does not trade at a level that is likely to regain compliance, including that the Company may consider applying to transfer the Common Stock to the Nasdaq Capital Market. New Risk • Jun 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$64m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Revenue is less than US$1m (US$614k revenue). Minor Risk Currently unprofitable and not forecast to become profitable next year (US$52m net loss next year). Announcement • Jun 10
Finch Therapeutics Announces 1-for-30 Reverse Stock Split of Common Stock to Satisfy the Minimum Price Requirement for Continued Listing on the Nasdaq Global Select Market On June 9, 2023, Finch Therapeutics Group, Inc. announced it will effect a 1-for-30 reverse stock split of its issued and outstanding common stock. The company’s stockholders approved an amendment to its amended and restated certificate of incorporation to effect the reverse stock split at finch’s annual meeting of stockholders held on June 8, 2023. The reverse stock split is intended to increase the per share trading price of the company’s common stock to enable Finch to satisfy the minimum price requirement for continued listing on the Nasdaq Global Select Market. The company expects that, upon the opening of trading on June 12, 2023, its common stock will trade on the Nasdaq Global Select Market on a split-adjusted basis under the current trading symbol “FNCH”. Reported Earnings • May 12
First quarter 2023 earnings released: US$1.33 loss per share (vs US$0.52 loss in 1Q 2022) First quarter 2023 results: US$1.33 loss per share (further deteriorated from US$0.52 loss in 1Q 2022). Net loss: US$63.9m (loss widened 160% from 1Q 2022). Revenue is forecast to grow 92% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Biotechs industry in the US. Announcement • May 11
Finch Therapeutics Group, Inc. Reports Unaudited Consolidated Impairment of Long-Lived Assets for the First Quarter Ended March 31, 2023 Finch Therapeutics Group, Inc. reported unaudited consolidated impairment of long-lived assets for the first quarter ended March 31, 2023. Impairment of long-lived assets was $13,141,000. The increase in net loss was primarily due to a charge of $32.9 million for the full impairment of the Company's in-process research and development (IPR&D) asset. Reported Earnings • Mar 25
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: US$2.40 loss per share (further deteriorated from US$1.48 loss in FY 2021). Net loss: US$114.6m (loss widened 97% from FY 2021). Revenue missed analyst estimates by 34%. Earnings per share (EPS) also missed analyst estimates by 7.6%. Announcement • Jan 25
Finch Therapeutics Group, Inc. Announces Decision to Discontinue Phase 3 Trial of CP101 and Focus on Realizing the Value of Its Intellectual Property Estate and Other Assets Finch Therapeutics Group, Inc. announced its decision to discontinue the PRISM4 Phase 3 trial of CP101 in recurrent C. difficile infection (CDI) and focus on realizing the value of its intellectual property estate and other assets. This decision follows an assessment by Finch’s management team and board of directors of several factors, including the Company’s outlook for securing additional capital or partnerships to help fund the CP101 program through important milestones, slower than anticipated enrollment in the PRISM4 trial, the harmful impact of ongoing unauthorized use of the Company’s intellectual property, and broader sector trends. As a result of this decision, Finch is reducing its workforce by approximately 95%. The majority of impacted roles will end in February 2023, while some roles are expected to be maintained into May 2023 to support the Company’s new focus and continued evaluation of opportunities to create value for shareholders. Finch has a portfolio of microbiome assets including CP101, an investigational orally administered microbiome candidate with positive data from a Phase 2 placebo-controlled trial and a Phase 2 open-label trial in recurrent CDI. Additionally, Finch has pre-clinical microbiome assets that are designed to target ulcerative colitis, Crohn’s disease, and autism spectrum disorder. Finch has a robust intellectual property estate reflecting the Company’s pioneering role in the microbiome therapeutics field, including more than 70 issued U.S. and foreign patents with critical relevance for both donor-derived and donor-independent microbiome therapeutics in a range of potential indications. Announcement • Dec 13
Finch Therapeutics Group, Inc. Announces Resignation of Joseph Vittiglio as Chief Business and Legal Officer and Secretary, Effective December 31, 2022 On December 7, 2022, Joseph Vittiglio informed Finch Therapeutics Group, Inc. of his resignation as the Company’s Chief Business and Legal Officer and Secretary, effective as of December 31, 2022, in order to pursue other professional opportunities. Price Target Changed • Dec 01
Price target decreased to US$12.00 Down from US$14.25, the current price target is an average from 3 analysts. New target price is 1,190% above last closing price of US$0.93. Stock is down 94% over the past year. The company is forecast to post a net loss per share of US$2.12 next year compared to a net loss per share of US$1.48 last year. Announcement • Sep 02
Finch Therapeutics Group, Inc. Plans to Reduce its Workforce by Approximately 37% Finch Therapeutics Group, Inc. announced plans to reduce its workforce by approximately 37% as part of an ongoing strategic review of its business and portfolio. This decision follows Finch’s recent announcement that it is assessing the financial and strategic impact of Takeda’s decision to discontinue its inflammatory bowel disease (IBD) collaboration with Finch. The company will provide further updates on the strategy for each of its product candidates and its cash runway in the future. Reported Earnings • Aug 12
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: US$0.48 loss per share (down from US$0.32 loss in 2Q 2021). Revenue: US$361.0k (down 87% from 2Q 2021). Net loss: US$22.7m (loss widened 50% from 2Q 2021). Revenue missed analyst estimates by 72%. Earnings per share (EPS) also missed analyst estimates by 16%. Over the next year, revenue is expected to shrink by 69% compared to a 51% growth forecast for the industry in the US. Board Change • Jul 19
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Al Hamood was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 20
Finch Therapeutics Announces Workforce Restructuring to Focus Resources on Key Development Programs Finch Therapeutics Group, Inc. announced plans to reduce its workforce by approximately 20%. This workforce reduction will allow the company to focus its financial resources on its recurrent C. difficile infection (CDI) and autism spectrum disorder (ASD) development programs, two wholly-owned programs that Finch is prioritizing, along with its Takeda-partnered work in inflammatory bowel disease (IBD). Finch plans to provide guidance on the expected extension of the Company’s cash runway as a result of the restructuring when it reports its first quarter 2022 results. Price Target Changed • Apr 02
Price target decreased to US$27.67 Down from US$30.00, the current price target is provided by 1 analyst. New target price is 486% above last closing price of US$4.72. Stock is down 70% over the past year. The company is forecast to post a net loss per share of US$1.84 next year compared to a net loss per share of US$1.48 last year. Announcement • Mar 03
Finch Therapeutics Group, Inc. Pauses Enrollment in PRISM4 Its Phase 3 Clinical Trial of CP101 in Recurrent C. Difficile Infection Finch Therapeutics Group, Inc. announced that it has paused enrollment in PRISM4, its Phase 3 clinical trial of CP101 in recurrent C. difficile infection (CDI) following receipt of a clinical hold letter from the U.S. Food and Drug Administration (FDA) on February 24, 2022, requesting additional information about Finch’s SARS-CoV-2 donor screening protocols. At the outset of the COVID-19 pandemic in March 2020, the FDA issued a public safety alert regarding the potential risk of transmission of SARS-CoV-2 virus through the use of donor-derived investigational microbiome therapies and the need for additional safety precautions. At that time, the FDA placed Finch’s investigational new drug application (IND) for CP101 and the IND of its then-contract manufacturer, OpenBiome, on partial clinical hold, requiring the implementation of SARS-CoV-2 testing protocols for any microbiota material donated on or after December 1, 2019. Notwithstanding the partial clinical hold notices, Finch was able to continue dosing patients in its then-ongoing PRISM-EXT Phase 2 open-label trial of CP101 in recurrent CDI as all of the CP101 lots used for PRISM-EXT were manufactured from material donated prior to December 1, 2019. In January 2021, Finch’s then-contract manufacturer, OpenBiome, was released from clinical hold after implementing a direct testing method for SARS-CoV-2 provided by a third-party vendor. In March 2021, Finch acquired certain manufacturing assets from OpenBiome, and in November 2021, began dosing participants in PRISM4 with CP101 lots that had been screened for SARS-CoV-2 using the same test method and vendor used by OpenBiome. Following communications with FDA in January 2022, on February 24, 2022, the FDA sent a letter stating that it needs additional information about Finch’s SARS-CoV-2 screening protocols and that a clinical hold remains in effect until the FDA’s requests have been satisfactorily addressed. Finch has informed the FDA that participants were dosed in PRISM4 while the clinical hold was in effect and Finch is conducting a review of the matter. In their letter the FDA requested, among other things, additional detail on how samples are shipped to the vendor performing the SARS-CoV-2 testing and how inconclusive test results will be handled. The letter did not reference any adverse clinical outcome experienced in any of Finch’s clinical trials. Finch expects to expeditiously provide the requested information and intends to work closely with the FDA to resolve the clinical hold as soon as possible. Finch is evaluating what impact, if any, the clinical hold may have on the timing of the expected readout of topline data from the PRISM4 trial. Announcement • Feb 11
Finch Therapeutics Group, Inc. Announces Executive Appointments Finch Therapeutics Group, Inc. announced the appointment of Bryan Gillis to Chief Technology Officer, Alka Batycky, PhD, to Chief Development Officer, and Howard Franklin, to Senior Vice President, Late-Stage Development and Gastrointestinal (GI) Therapeutic Area Lead. Gillis most recently served as Vice President of Manufacturing and Supply at Rubius Therapeutics. Dr. Batycky most recently served as Chief Development Officer at Ohana Biosciences. Dr. Franklin most recently served as Chief Medical Officer at Salix Pharmaceuticals. Announcement • Jan 07
Finch Therapeutics Group, Inc. Announces U.S. Patent and Trademark Office Grants Two New Patents for FIN-211 Finch Therapeutics Group, Inc. announced that the U.S. Patent and Trademark Office has issued two new patents covering the company’s FIN-211 enriched consortia microbiome product candidate in development for children with autism spectrum disorder (ASD) and significant gastrointestinal (GI) symptoms. The company’s intellectual property portfolio now includes 59 issued U.S. and foreign patents with more than 130 patent applications pending. The first patent (U.S. Patent No. 11,202,808) covers key technologies involved in addressing ASD and GI symptoms associated with ASD by orally administering a donor-derived microbial community enriched with bacterial isolates from a genus with potential therapeutic applications in ASD. This patent is jointly owned with, and exclusively licensed from, the Arizona Board of Regents on behalf of Arizona State University and the Regents of the University of Minnesota. The second patent (U.S. Patent No. 11,207,356), solely owned by Finch, covers encapsulated compositions containing donor-derived microbiota enriched with one or more cultured bacterial strains, and methods of manufacturing such compositions. The first and second patents have expiration dates in 2036 and 2031, respectively. Board Change • Jan 01
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Director Al Hamood was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Third quarter 2021 earnings released: US$0.21 loss per share The company reported a soft third quarter result with weaker control over costs, although losses were stable and revenues were flat. Third quarter 2021 results: Revenue: US$11.3m (flat on 3Q 2020). Net loss: US$9.96m (flat on 3Q 2020). Recent Insider Transactions • Mar 27
Key Executive recently bought US$12m worth of stock On the 23rd of March, Chris Shumway bought around 735k shares on-market at roughly US$17.00 per share. This was the largest purchase by an insider in the last 3 months. This was Chris' only on-market trade for the last 12 months.