T2 Biosystems, Inc. Announces Intent to Complete Winding Down of Operations

FOXBOROUGH, Mass., Feb. 3, 2026 /PRNewswire/ -- T2 Biosystems, Inc. (TTOO) (the "Company") today announced it will complete winding down operations immediately and will voluntarily liquidate and wind down the Company. This will complete the process that was initiated on February 14, 2025, when the then Board of Directors of the Company authorized the immediate termination of all employees.

As previously disclosed in a Form 8-K filed with the U.S. Securities and Exchange Commission, on April 4, 2025, all of the Company's then serving officers and directors had resigned and the Board had appointed Craig R. Jalbert as a Class 1 Director, Chief Executive Officer, President, Corporate Treasurer and Corporate Secretary. In addition, it was announced that Mr. Jalbert would also serve as the Company's principal executive officer and principal financial officer. Mr. Jalbert has over thirty years of experience working with companies in financial distress and has served, and continues to serve, in the capacities of officer and director for numerous other public and private firms in their wind-down phases. 

The appointment of Mr. Jalbert followed notification from the Nasdaq Stock Market LLC on February 10, 2025 that the Nasdaq Hearings Panel had determined to delist the Company's common stock and suspend trading of the Company's common stock on February 12, 2025, and the subsequent decision of the Company to terminate substantially all employees. 

Since early 2025, the Company has made comprehensive efforts to pursue a sale of the Company or its assets, including its intellectual property. In February 2025, the Company engaged an experienced, well-known investment banking firm in the distressed biotech market to conduct a sale process. In the process, the Company engaged numerous strategic and financial parties but ultimately was unable to complete a transaction for the sale of the Company or its assets that would have satisfied any material portion of the Company's outstanding secured indebtedness or provided funding to obtain the necessary stockholder consent to approve a sale of the Company's assets. Currently, the Company has extremely limited cash and significant liabilities and has concluded that a wind down is the only viable path forward. 

Forward Looking Statements

Statements made in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward‐looking statements. Such statements include, but are not limited to, statements regarding our plans to wind down our operations or other statements not of historical fact. Risks that could cause actual results to differ from those expressed in these forward‐looking statements include: the ability for the Company to wind down operations in an orderly fashion in accordance with Delaware law.  Company filings with the Securities and Exchange Commission under the heading "Risk Factors." All forward‐looking statements contained in this press release speak only as of the date on which they were made and are based on management's assumptions and estimates as of such date. T2 Biosystems undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made except as required by law.

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SOURCE T2 Biosystems, Inc.