The operational life of Oncternal Therapeutics as a clinical-stage biotechnology firm has concluded. With its research and development programs terminated, the company is now fully engaged in winding down its business. For remaining shareholders, the critical issue is determining what final distributions, if any, will be paid from the company’s remaining assets.
Asset Sale and Contingent Payments
The core of the liquidation process hinges on the July 2025 transaction in which Oncternal sold its key development assets, zilovertamab and ONCT-808, to Ho’ola Therapeutics. The agreement included an upfront payment and provides for potential future milestone payments totaling up to $65 million. These contingent payments are tied to Ho’ola achieving specific development, regulatory approval, and commercial sales targets related to the acquired programs.
A sole remaining officer, appointed as the liquidation trustee, is overseeing the dissolution. This administrator’s primary responsibilities are managing the company’s cash reserves and safeguarding its rights to the potential milestone payments from Ho’ola. Shareholders are awaiting concrete details regarding the timeline and process for distributing any realized value.
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Delisting and Deregistration Complete
The company’s exit from the public markets is already finalized. Oncternal Therapeutics was delisted from the Nasdaq exchange and deregistered with the U.S. Securities and Exchange Commission (SEC) in March 2025. This action relieved the company of the continuous reporting obligations required of publicly traded entities.
With Oncternal no longer operating as a research organization, any residual value for equity holders depends entirely on the administrative wind-down. Future communications from the company will focus on whether Ho’ola Therapeutics successfully advances the transferred assets, thereby triggering the contractual payments owed to Oncternal’s estate.
The liquidation trustee is now focused on cash management and monitoring the milestone payment rights. For shareholders, the outcome of the wind-down process is directly linked to Ho’ola’s ability to navigate the acquired programs through the regulatory pathway and achieve the agreed-upon commercial milestones.
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