On March 27, 2026, Iterum Therapeutics plc, a company focused on developing antibiotics, filed a petition in the High Court in Ireland to wind up the company. This decision comes as the company faces significant financial challenges, including limited cash resources and an inability to raise additional capital. The petition has resulted in the appointment of Damien Murran and Jennifer McMahon from Teneo Restructuring (Ireland) Limited as Joint Provisional Liquidators. The court is scheduled to hear the petition on April 13, 2026. If the court grants the winding up order, the Joint Provisional Liquidators will oversee the dissolution of the company.

The filing of the winding up petition constitutes an event of default under the company's Limited Recourse Royalty-Linked Subordinated Notes, which were issued in January 2020. This event allows noteholders to seek payment of outstanding principal and accrued interest, although it does not permit them to accelerate payment. The company has indicated that trading in its ordinary shares on the Nasdaq will be suspended effective March 27, 2026, due to the filing of the winding up petition.

Iterum's decision to pursue liquidation was influenced by several factors, including its inability to regain compliance with Nasdaq listing requirements and the absence of viable strategic alternatives. The company had engaged in discussions with potential counterparties regarding the acquisition of its assets but was unable to finalize any agreements. As a result, the board concluded that pursuing further transactions was not in the best interest of its creditors and shareholders. The company has cautioned its securityholders that trading in its securities during the winding up process is highly speculative and poses substantial risks, with the potential for significant or complete loss of investment.

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