Channel Therapeutics announces an audit opinion highlighting a going concern in its recent financial statements, following SEC requirements.
Quiver AI Summary
Channel Therapeutics Corporation, a clinical-stage biotechnology firm focused on non-opioid pain treatments, announced on May 1, 2025, that its audited financial statements included a going concern emphasis from its independent auditor. This information, previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024, is required by NYSE American regulations but does not change the financial statements themselves. The company is dedicated to developing therapeutics targeting the sodium ion-channel NaV1.7 for various pain conditions. For more information, updates, and inquiries, interested parties can visit their website or contact their investor relations.
Potential Positives
- The company is recognized as a pioneer in the development of non-opioid pain treatment therapeutics, positioning it strategically in a growing market for safer pain management options.
- Channel Therapeutics has a specific clinical focus on the NaV1.7 sodium ion-channel, which could lead to innovative solutions for various types of pain, enhancing its potential impact on healthcare.
- The announcement includes compliance with NYSE regulations, demonstrating the company’s commitment to transparency and adherence to financial reporting standards.
Potential Negatives
- The inclusion of a going concern emphasis of matter paragraph in the audit opinion raises significant concerns about the Company's ability to continue operations in the foreseeable future.
- Such an audit opinion can negatively impact investor confidence and potentially affect the Company’s stock price adversely.
- This disclosure may imply unresolved financial or operational issues that could hinder the Company's planned development and commercialization efforts.
FAQ
What is Channel Therapeutics Corporation known for?
Channel Therapeutics Corporation specializes in developing non-opioid pain treatment therapeutics, targeting sodium ion-channel NaV1.7 for chronic pain relief.
What recent announcement did Channel Therapeutics make?
Channel Therapeutics announced an audit opinion emphasizing a going concern in their financial statements as per their 10-K report for 2024.
Where can I find more information about Channel Therapeutics?
More information can be found on Channel Therapeutics' website at www.channeltherapeutics.com or through their social media channels.
What is the focus of Channel Therapeutics' clinical development?
The company's clinical focus is on non-opioid treatments for various types of chronic and acute pain, including eye pain and post-surgical nerve blocks.
Who should I contact for investor inquiries about Channel Therapeutics?
For investor inquiries, contact Mike Moyer, Managing Director at LifeSci Advisors, via email at [email protected].
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$CHRO Hedge Fund Activity
We have seen 2 institutional investors add shares of $CHRO stock to their portfolio, and 3 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- AVANTAX PLANNING PARTNERS, INC. removed 47,205 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $30,258
- TWO SIGMA SECURITIES, LLC removed 11,714 shares (-44.9%) from their portfolio in Q4 2024, for an estimated $7,508
- TRADEWINDS CAPITAL MANAGEMENT, LLC added 200 shares (+inf%) to their portfolio in Q1 2025, for an estimated $284
- TOWER RESEARCH CAPITAL LLC (TRC) removed 6 shares (-2.3%) from their portfolio in Q4 2024, for an estimated $3
- BANK OF AMERICA CORP /DE/ added 1 shares (+9.1%) to their portfolio in Q4 2024, for an estimated $0
- WEALTH ENHANCEMENT ADVISORY SERVICES, LLC added 0 shares (+0.0%) to their portfolio in Q1 2025, for an estimated $0
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
FREEHOLD, N.J., May 01, 2025 (GLOBE NEWSWIRE) -- Channel Therapeutics Corporation, (“Channel” or the “Company”), (NYSE American: CHRO), a pioneer in the development of non-opioid pain treatment therapeutics, today advises that, as previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission on March 27, 2025, the audited financial statements contained an audit opinion from its independent registered public accounting firm that included a going concern emphasis of matter paragraph.
Release of this information is required by Sections 410(h) and 610(b) of the NYSE American LLC Company Guide. This announcement does not represent any change or amendment to the Company's consolidated financial statements or to its Annual Report on Form 10-K for the year ended December 31, 2024.
About Channel
Channel Therapeutics Corporation is a clinical-stage biotechnology company focused on developing and commercializing novel, non-opioid, non-addictive therapeutics to alleviate pain. The Company’s initial clinical focus is to selectively target the sodium ion-channel known as NaV1.7 for the treatment of various types of chronic pain, acute and chronic eye pain and post-surgical nerve blocks. For company updates and to learn more about Channel, visit www.channeltherapeutics.com or follow us on social media.
Channel Media and Investor Inquires:
For Investor Inquiries:
Mike Moyer
Managing Director, LifeSci Advisors, LLC
[email protected]
