ReNeuron Group PLC (AIM:RENE, OTC:RNUGF) said it has requested its shares be suspended pending clarification of its financial position.
The company said in a statement that despite efforts to manage working capital, it is in a "highly constrained financial position" and needs additional financing urgently to continue as a going concern.
Although directors continue to explore options, including potential sales of physical and intellectual assets, the lack of new funding means discussions are being initiated with creditors and staff are being put at risk of redundancy.
If a solution is not found in the short term, the company will be put into administration and any value returned to shareholders not yet known.
As noted in November's interim results, cash and equivalents stood at £5.1 million at the end of September, with a cash runway to April 2024 projected.
"In the intervening period, despite great scientific progress having been made in further developing and exemplifying the CustomEX exosome delivery platform and progressing several ongoing third-party business development discussions, the group has not yet been able to conclude a validating, revenue generating industry partnership nor been able to secure additional equity funding."