Windtree Therapeutics Delisted From Nasdaq After 77% Crash Following Controversial BNB Treasury Strategy

Windtree Therapeutics received a Nasdaq notice on August 19, 2025 under Rule 5550(a)(2) after its share price remained below $1. Following multiple reverse stock splits and failure to satisfy extension criteria, the company’s common stock will be delisted from the Nasdaq Capital Market on August 21 and transition to the OTC market; shares closed down 77.21% today, leaving a reported market cap of $3.152 million.

WINT has registered a pronounced multi-period decline: the share price was $517.50 on August 22 last year (a drop of ~99.98% year-over-year), and opened at $4.68 on February 21 before falling ~97.8% since. After announcing the BNB Treasury strategy, trading volume spiked and the stock briefly reached $1.28 on July 18 prior to a subsequent decline of ~91.4%.

The company remains clinical-stage with several pre-commercial programs; latest reported net revenue was –$10.64 million versus –$4.04 million in the prior quarter (losses up ~163.04%). In July, Windtree disclosed a $60 million securities subscription and a separate $520 million financing agreement to acquire BNB.