Why Is Impel Pharmaceuticals (IMPL) Stock Down 35% Today?

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Impel Pharmaceuticals (NASDAQ:IMPL) stock is falling on Wednesday after the biopharmaceutical company failed to file its earnings report on time.

According to a filing with the Securities and Exchange Commission (SEC), several issues kept Impel Pharmaceuticals from filing in a timely manner. That includes an inability to secure extra funding and being unable to negotiate down old debt.

Impel Pharmaceuticals says that these problems are weighing on its business and could result in it exploring strategic alternatives. It notes that this could result in the company filing for Chapter 11 bankruptcy.

Impel Pharmaceuticals includes the following statement in its filing.

“The Company continues to consider all strategic alternatives including restructuring or refinancing its debt, seeking additional debt or equity capital, reducing or delaying the Company’s business activities and strategic initiatives, or selling assets, other strategic transactions and/or other measures, including obtaining relief under the U.S. Bankruptcy Code. These measures may not be successful.”

Preliminary Earnings Results

Despite the late filing, Impel Pharmaceuticals provides preliminary earnings from its upcoming report. It’s expecting net product revenue for the quarter to come in at $6.6 million. For comparison, its net product revenue from the same time last year was $2.8 million. Investors will note that Wall Street is expecting revenue of $6.67 million for the quarter.

IMPL stock is down 35.2% as of Wednesday morning and is down 72% year-to-date as of yesterday’s close.

Investors seeking more of the most recent stock market news will want to keep reading!

We’ve got all of the hottest stock market news traders need to know about on Wednesday! That includes what has shares of Sacks Parente Golf (NASDAQ:SPGC) stock, Ebet (NASDAQ:EBET) stock, and Novo Integrated Sciences (NASDAQ:NVOS) stock moving today. All of that news is ready to go at the links below!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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