Shares tumbled 10.2% to $0.36 after NeuroSense Therapeutics announced a 1-for-20 reverse stock split — a move that combines every 20 existing shares into one — set to take effect on September 14. The split is the clearest sign yet that this tiny ALS-focused biotech is fighting for its life on the Nasdaq, even as it pushes its lead drug toward a critical regulatory filing in Canada. For shareholders, the math works but the message is grim: the company has run out of organic ways to prop up its stock price.
• The Clock Was About to Run Out on Nasdaq
NeuroSense received notice from Nasdaq on April 2, 2026 that it had failed both the $1.00 minimum bid price and the $35 million market value requirements, giving it until September 29, 2026 to comply or face delisting. With shares trading at just $0.36, the reverse split is a last-resort technical fix: at a 1-for-20 ratio, the post-split price would theoretically land around $7.20 — well above the $1.00 threshold. The board itself acknowledged there is "no assurance on price performance or liquidity" after the split.
• The Share Count Shrinks, But the Problems Don't
Outstanding shares will collapse from 37.9 million to roughly 1.9 million. That doesn't change the company's market capitalization — currently around $13.5 million — which stands among the smallest on Nasdaq.
NeuroSense carries negative equity of roughly -$519,000, has diluted shareholders by 43% in the past year, and generates virtually no revenue. A reverse split does nothing to fix any of that.
• A Canadian Drug Filing Offers the Only Real Catalyst
NeuroSense is targeting December 2026 to file for approval of its ALS treatment with Health Canada — the Canadian equivalent of a U.S. drug application.
Phase 2b data showed a roughly 15-month median survival benefit over placebo. If accepted, that filing could become the company's first real revenue pathway. The FDA has also cleared NeuroSense to begin a ~300-patient Phase 3 trial in the U.S. , but funding that study remains an open question for a company that recently raised just $600,000 in a private placement at $0.80 per share.
• Insiders Put Up Their Own Money — But Not Much
The CEO, CFO, and one major investor each committed $200,000 in that April placement , a show of conviction that is notable only because of how small the amounts are. H.C. Wainwright recently initiated coverage with a Buy rating and a $9.00 price target — a figure that requires faith in milestones the company may not have the cash to reach.