Iterum Therapeutics plc (NASDAQ: ITRM) filed a petition in Ireland's High Court to wind up the company, according to a statement from the Dublin and Chicago-based pharmaceutical firm. The court appointed Damien Murran and Jennifer McMahon of Teneo Restructuring (Ireland) Limited as Joint Provisional Liquidators.

The petition is scheduled for hearing on April 13, 2026. If approved, the Joint Provisional Liquidators will become Joint Liquidators, leading to the company's dissolution. The liquidators were also appointed to the company's Irish subsidiary, Iterum Therapeutics International Limited.

The company cited several factors in its decision to pursue liquidation, including limited cash resources, inability to raise additional capital due to share availability constraints, and failure to regain compliance with Nasdaq listing requirements following recent shareholder voting results. The company also noted significant ongoing expenses for commercializing its antibiotic ORLYNVAH against modest sales figures.

Iterum engaged in acquisition discussions with two potential buyers for its sulopenem compound but neither party could finalize an agreement within the required timeline given the company's limited cash runway. The board determined that continuing these transactions would not serve the best interests of creditors and shareholders.

The Joint Provisional Liquidators will oversee the wind down of other subsidiaries including Iterum Therapeutics US Holding Limited, Iterum Therapeutics US Limited and Iterum Therapeutics Bermuda Limited. The liquidators may decide to withdraw ORLYNVAH from the U.S. commercial market in accordance with FDA procedures.

ORLYNVAH, the company's oral antibiotic approved by the FDA for treating uncomplicated urinary tract infections in adult women, received Qualified Infectious Disease Product and Fast Track designations for multiple indications.