Iterum Therapeutics Files Irish Winding-Up Petition, Hearing Set April 13
Iterum Therapeutics filed a petition in the Irish High Court to wind up the company and appointed Joint Provisional Liquidators, with a hearing set for April 13, 2026. The board cited limited cash, Nasdaq compliance failure, lack of share issuance authority and no viable strategic transactions, flagging potential ORLYNVAH withdrawal.
1. Petition Filing and Hearing Date
Iterum Therapeutics has formally filed a winding-up petition in the High Court in Ireland. The hearing on the petition is scheduled for April 13, 2026, which will determine whether provisional liquidators become confirmed as liquidators.
2. Appointment of Joint Provisional Liquidators
Damien Murran and Jennifer McMahon of Teneo Restructuring (Ireland) Limited were appointed as Joint Provisional Liquidators. They will oversee the provisional liquidation process for both the parent company and its Irish subsidiary.
3. Board’s Decision Factors
The board’s decision was driven by limited cash resources, an inability to raise capital due to share issuance constraints, failure to regain Nasdaq compliance, and the absence of a viable strategic transaction within required timelines.
4. Impact on ORLYNVAH and Subsidiaries
The liquidators plan to wind down the company’s U.S. and Bermuda subsidiaries and may withdraw ORLYNVAH from the U.S. market under FDA procedures. This process aims to maximize recoveries for creditors and stakeholders.