Standard BioTools Gets Second Nasdaq Bid-Price Warning With Merger Pending
Merger Pending
Company Background
Standard BioTools (NASDAQ: LAB) operates mass cytometry and microfluidics instrument businesses aimed at biomedical researchers. The company completed the sale of its SomaLogic proteomics unit to Illumina for $350 million upfront (plus up to $75 million in earnouts) on January 30, 2026, leaving it with approximately $550 million in cash and a much smaller continuing revenue base — roughly $80 to $85 million annually.
The base business has been loss-making throughout this period, though improving. Revenue from continuing operations rose 5% year-over-year to $21.1 million in Q1 2026, and adjusted EBITDA loss narrowed 78% to $3.1 million. Management has guided for positive adjusted EBITDA exiting 2026, supported by restructuring actions taken in late 2025 that eliminated approximately 20% of the global workforce and are expected to deliver more than $40 million in annualized cost savings.
On June 6, 2026, Standard BioTools announced a definitive all-stock merger agreement with Treeline Biosciences, Inc., a privately held clinical-stage oncology company. Under the deal, Treeline shareholders would receive Standard BioTools stock representing an implied equity value of $2.5 billion for Treeline, while existing Standard BioTools shareholders would retain approximately 16% of the combined company. The combined entity would be renamed Treeline Biosciences Holdings, Inc. and trade on Nasdaq under the ticker "TRLN."
What Was Disclosed
A second Nasdaq deficiency notice arrived on July 22, 2026, informing the company that its common stock had closed below the $1.00 minimum bid price threshold required for continued listing on the Nasdaq Global Select Market for 30 consecutive business days. Under Nasdaq's automatic 180-day compliance period, the company has until January 19, 2027 to maintain a closing bid at or above $1.00 for at least 10 consecutive business days. The notice does not immediately affect trading or the company's SEC reporting obligations.