Shares of Celadon Pharmaceuticals PLC (AIM:CEL) dropped 38% as the company disclosed doubts about its financial position due to delayed funding.
Celadon reported it had £0.3 million in cash as of November 15, sufficient to cover operations through to January.
The company is awaiting £0.5 million from a credit facility, contingent on the lender completing an investment sale, but the timing remains uncertain.
Additionally, £0.4 million owed from a previous subscription remains unpaid, with no clear timeline for receipt.
Celadon is pursuing alternative financing options but has made limited progress.
The stock was off 10.51p at 17.49p.