Novan, Inc., a late-stage pharmaceutical company, has been threatened with having its stock delisted by Nasdaq, according to a Securities and Exchange Commission filing on Friday.

Earlier this week, the company received a notice from Nasdaq that for the last 30 consecutive business days, the market value of the company’s stock has been below the minimum $50 million requirement.

The minimum is required in order for continued inclusion on The Nasdaq Global Market, according to Nasdaq Listing Rule 5450(b)(3)(A). Additionally, the company did not meet alternative requirements for satisfying continued listing criteria found in the rule.

Novan has until July 15, 2019, to regain compliance with the rule. The $50 million requirement must hold for 10 consecutive business days.

If the company does not satisfy its requirements by the specified time, its common stock will be subject to delisting. From there, Novan can apply for listing on The Nasdaq Capital Market or appeal the decision to a Nasdaq Listing Qualifications Panel.

The Morrisville-based company’s stock price began falling after reporting disappointing news from an important late-stage clinical trial in early 2017. After the news, shares of Novan plunged by more than 75 percent.

The company’s IPO had just been completed in September of the previous year leading to large losses for early shareholders.

Earlier this month, the company announced multiple shakeups in its leadership including the departure of its Executive Vice President and Chief Business Officer Jeff Hunter. The story can be found here.

Novan’s stock has declined by 5.73 percent Friday afternoon to $1.43.