KYNB · Kyntra Bio, Inc.

Kyntra Bio, Inc. faces a critical compliance challenge with Nasdaq's Global Select Market standards, specifically failing the $50 million total assets and revenue threshold for the most recent fiscal year under Listing Rule 5450(b)(3)(A). The issue arises directly from the classification of FibroGen International's revenue as held for sale in discontinued operations during 2024 and 2025, which excluded it from the continuing operations metrics required for compliance. The company also falls short of alternative criteria based on shareholders’ equity or market value of listed securities. While the notice carries no immediate delisting risk, the 45-day window to May 18, 2026, to propose a plan is pivotal. Nasdaq's evaluation will weigh the plan's feasibility, Kyntra Bio's compliance history, non-compliance causes, potential corporate events, financial health, and disclosures. Acceptance could yield a 180-day extension to September 29, 2026, providing time to demonstrate adherence. As a fallback, transfer to the Nasdaq Capital Market remains an option, signaling potential downgrade in listing tier that could affect liquidity and investor perception.