Stayble Therapeutics to Seek Shareholder Approval for Liquidation and IP Asset Sale

Stayble Therapeutics AB, a life sciences company based in Sweden and listed on Nasdaq First North, has announced that it will convene an extraordinary general meeting on May 7, 2026, to decide whether to proceed with voluntary liquidation or continue operations. The board of directors is recommending liquidation, citing persistent challenges in securing the necessary funding and partnerships to advance its main clinical project, STA363.

The company, which focuses on developing injectable therapies for chronic low back pain caused by disc degeneration, has been seeking strategic collaborations and investment to finance a Phase 2 clinical study of STA363. Despite interest from several global entities and the completion of due diligence processes without significant issues, Stayble has been unable to finalize any agreements. According to the board, the failure to secure a deal is attributed to the early development stage of STA363, shifting strategic priorities among potential partners, and the relatively modest size of the required investment.

Stayble estimates that approximately SEK 80 million is needed to finance the planned Phase 2 study, with SEK 30 million required as an initial tranche. After extensive efforts, the board now considers the prospects for raising such funds to be exhausted. The company has also explored the possibility of a reverse takeover as an alternative to liquidation. However, the board concluded that interest in reverse takeovers and the company's listing status is limited. The process, they noted, would demand time and resources that the company currently lacks. "The board's current assessment is that interest in reverse takeovers and listing status is limited. The board has investigated the possibility but judges that such a process requires time and resources that the company lacks, and that shareholders are overall better served by a controlled IP sale," the company stated.

If shareholders approve the proposal for voluntary liquidation, Stayble plans to sell its intellectual property assets to the highest bidder and delist its shares from the Nasdaq First North exchange. The company has indicated that several global players have shown interest in acquiring its intellectual property, and due diligence has been completed without issues. However, no deals have materialized due to the early stage of development, strategic priorities, and insufficient investment size.

Should the extraordinary general meeting instead decide to continue operations, the company will need to raise capital immediately to avoid bankruptcy. The board has stated that the possibilities for such financing are now considered exhausted.

Stayble Therapeutics has been developing STA363 as a novel, single-injection treatment for patients with chronic low back pain resulting from degenerative disc disease. The therapy is designed to address the two primary causes of pain in such cases: leakage of inflammatory substances and disc instability. The company claims that the injection stabilizes the affected disc segment and eliminates the possibility of further leakage, with the intended effect lasting throughout the patient's life and requiring minimal rehabilitation.

The company currently employs two people and operates within the biotechnology and medical research sector. Recent financial statements indicate ongoing operating losses, and the company's equity has reportedly fallen below half of its share capital. On April 17, Stayble Therapeutics' equity fell below half of its share capital, and the company has since begun preparing its balance sheet for liquidation purposes in anticipation of the upcoming vote.

Stayble's board has stated that, in the absence of new funding or a viable strategic transaction, a controlled sale of its intellectual property assets represents the best outcome for shareholders. The company has already begun preparing its balance sheet for liquidation purposes in anticipation of the upcoming vote.