BOULDER —  Brickell Biotech Inc. (Nasdaq: BBI) has received a 180-day extension to boost its stock price and retain Nasdaq compliance for listing on the exchange. 

According to a disclosure filed this week with the U.S. Securities and Exchange Commission, the clinical-stage pharmaceutical company that’s developing a gel to treat excessive sweating has until June 13, 2022, to demonstrate that the closing bid price of the firm’s common stock is at least $1 per share for a minimum of 10 consecutive business days.

If Brickell is unable to achieve this, Nasdaq is likely to delist the company, a move that Brickell can appeal to the Nasdaq Hearings Panel.

Brickell leaders “will consider available options to resolve the deficiency and regain compliance with the rule,” according to the regulatory filing. “These options include effecting a reverse stock split, if necessary.”

Aggressive action may be necessary to retain the Nasdaq listing as Brickell’s stock price has hovered around 30 cents over the past six months. Last month, the company posted a loss of $13.3 million for the third quarter of 2021.