Seelos Therapeutics has initiated Chapter 11 bankruptcy proceedings, signaling a probable complete loss for shareholders. The biopharmaceutical firm’s voluntary petition, filed on November 16, 2024, in US Bankruptcy Court, reveals a staggering financial imbalance that leaves little hope for recovery.
The company’s disclosed financial situation paints a dire picture. According to court documents, Seelos Therapeutics holds assets valued below $50,000 while confronting liabilities estimated between $10 million and $50 million. This dramatic discrepancy highlights the severity of the company’s financial distress and underscores the substantial risk facing stakeholders.
In direct response to the bankruptcy declaration, the OTC Markets…