Shares in Trellus Health PLC (AIM:TRLS) tumbled 51% on Monday after the digital health group warned it would need to raise fresh funds within weeks to stay afloat.
The company, which provides resilience-based digital programmes for patients with chronic illnesses, reported cash reserves of just $1.6 million at the end of June, down from $4.3 million six months earlier.
With monthly outgoings now averaging about $440,000, Trellus said its funding runway stretched only into early November.
Revenue in the first half was $379,000, up from $50,000 a year earlier but still small relative to losses.
Adjusted earnings before interest, tax, depreciation and amortisation showed a deficit of $3.5 million, broadly unchanged on last year.
Management confirmed they were exploring an urgent fundraising, though no details were given on its size or structure. The board said it continued to cut costs while seeking new partnerships to bring in revenue.
The update comes despite recent deals with Johnson & Johnson and Pfizer, alongside new work with a global clinical research group.
However, the market focused on the immediate funding gap, sending the stock into freefall.
The shares fell 0.41p to 0.39p.