Molecular Templates Inc ( MTEM ) shares are trading lower by 60% to 13 cents during Friday’s session after the company announced it received a Nasdaq delisting notice.

What To Know: Molecular Templates ( MTEM ), a clinical-stage biopharmaceutical company developing cancer therapies, announced it has received notice from Nasdaq regarding the delisting of its securities.

The Nasdaq Listing Qualifications Department cited the company's classification as a “public shell” and its failure to comply with key listing requirements. These include not filing its quarterly report for the third-quarter 2024 and failing to maintain the minimum $1.00 bid price for its stock.

Trading of Molecular Templates’ common stock is set to be suspended on December 26. The company says it does not intend to appeal Nasdaq’s decision, and delisting will be formalized with the U.S. Securities and Exchange Commission following the suspension.

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According to data from Benzinga Pro, MTEM has a 52-week high of $4.12 and a 52-week low of $0.30.