PhaseBio Pharmaceuticals Inc (OTC:PHASQ), a biopharmaceutical company, filed its monthly operating report with the United States Bankruptcy Court for the District of Delaware on Thursday, detailing the company's financial status for the month ending June 30, 2024.
The monthly operating report, which is not prepared in accordance with generally accepted accounting principles (GAAP), is a requirement of the bankruptcy process and may be subject to future adjustments.
It is designed to provide the Bankruptcy Court with a snapshot of the company's financial activities and is not intended to be used as a basis for investment decisions. PhaseBio has cautioned investors against placing undue reliance on the information contained within the report.
The company also highlighted that trading in its securities is highly speculative and risky, especially during the Chapter 11 Case. The securities are expected to be terminated and extinguished upon the effectiveness of the company's restructuring plan, which is yet to be finalized and approved by the court.
PhaseBio's filing emphasized the speculative nature of its securities and the potential risks to investors, noting that trading prices may not reflect the actual recovery, if any, for securities holders.
The company's common stock was delisted from The Nasdaq Stock Market in November 2022 and has since been quoted on the OTC Pink Marketplace.
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